Market Updates
Greece Elects Anti-austerity Party to Lead New Government
Nigel Thomas
26 Jan, 2015
New York City
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Financial markets across Europe opened lower but by late afternoon managed to recover after investors digested latest Greek election results.
Financial markets across Europe opened lower but by late afternoon managed to recover after investors digested latest Greek election results.
Greek parliamentary elections delivered results in line with expectations and opposition Syriza party won 149 of 300 seats.
The anti-austerity party leader Alexis Tsipras formed a coalition government with the right-wing party Independent Greeks.
The coalition government is expected to take tough stance against international lenders and demand revisions to debt and unwind several austerity measures imposed by the International Monetary Fund, European Union and European Central Bank.
Greek unemployment rate is just above 25% after four years of deep cuts in government spending and nearly 50% of Greeks are living below poverty line. Greek economy has contrasted 25% in the last five years.
Athens stock market index declined 3.3% after volatile trading and government bond yield increased to 8.63%, the highest in the euro zone but still lower than peak of 10.3% reached on January 7.
European leaders drew a tough line after the release of Greek election results. Christine Lagarde, the managing director of the IMF reminded Greek leaders to honor commitments made at the time of financial bailout plan, echoing sentiments of several leaders in the euro zone.
Market index in Spain soared 0.8%, in Germany added 0.5% and in France were unchanged and declined 0.4% in the U.K.
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