Greek election result may settle markets

Greek election result may settle markets

19 June 2012 by Staff Reporter 0 comments

Steven Cross

Political uncertainty in Greece may be finally coming to an end after the conservatives narrowly won the election which should ensure Greek membership of the Eurozone.

The Australian share market responded to the result, closing two per cent higher at the end of trade yesterday.

Greece held its second election in six weeks over the weekend after an inconclusive ballot on May 6.

AMP chief economist Shane Oliver told Real Estate Business that while the outcome will ultimately improve sentiment, it is unlikely to see this happen any time soon.

“What’s really happened is Europe has just kicked the can further down the road. And they’re hoping they’ll be more prepared for it next time around.

“We aren’t going to see a recession turn into a boom from this, all it means is that it’s going to take away a lot of negativity in the market.”

With two thirds of the votes counted, official results showed the conservative New Democracy so far winning 30.1 per cent claiming 130 of the 300 seats in parliament.

The anti-bailout Syriza party had 26.5 per cent and 70 seats and the pro-bailout Socialist Pasok party had a 12.6 per cent slice of the vote and 34 seats.

Steven Cross

Political uncertainty in Greece may be finally coming to an end after the conservatives narrowly won the election which should ensure Greek membership of the Eurozone.

The Australian share market responded to the result, closing two per cent higher at the end of trade yesterday.

Greece held its second election in six weeks over the weekend after an inconclusive ballot on May 6.

AMP chief economist Shane Oliver told Real Estate Business that while the outcome will ultimately improve sentiment, it is unlikely to see this happen any time soon.

“What’s really happened is Europe has just kicked the can further down the road. And they’re hoping they’ll be more prepared for it next time around.

“We aren’t going to see a recession turn into a boom from this, all it means is that it’s going to take away a lot of negativity in the market.”

With two thirds of the votes counted, official results showed the conservative New Democracy so far winning 30.1 per cent claiming 130 of the 300 seats in parliament.

The anti-bailout Syriza party had 26.5 per cent and 70 seats and the pro-bailout Socialist Pasok party had a 12.6 per cent slice of the vote and 34 seats.

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