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May 07, 2012

Markets Down After Socialists' Win In France, Electoral Limbo In Greece

While the conservative New Democracy party won more votes than other parties,hey still don't have enough votes to put together a government, and other parties won't talk with them. Plus, they were actually "devastated" by the election (losing support, while still edging others).

They do not have enough parliamentary seats to form a coalition on their own and will struggle to woo a raft of parties who gained in the poll by opposing the bailout.

In an early setback for Samaras, Fotis Kouvelis, leader of the moderate Democratic Left party that had looked like a possibly malleable ally, told Reuters he would not cooperate with New Democracy and PASOK but only leftwing groups.

Another group, the conservative splinter party Independent Greeks, refused to even enter talks with Samaras.

The French and German markets are down 1%.

Germany's Dax and France's Cac-40 were more than 1% lower and the main stock exchange in Athens slumped 8% as markets worried that Greece's failure to form a government has placed further doubt over the country's rescue, increasing speculation over the eventual break-up of the single currency.

The election of socialist Francois Hollande as France's new president was widely expected but will add to growing expectations of a backlash against Europe's current austerity drive led by German chancellor Angela Merkel.

London markets were shut today but could resume on the back foot after slumping 2% on Friday on fears the US recovery is running out of steam.

Oh but did you hear? We got bin Ladin.

Obama's favored European Model is looking better and better.



digg this
posted by Ace at 11:24 AM

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