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Stay of Execution

Stay of Execution

The pro-bailout and hence pro-euro New Democracy party narrowly won the Greek election, although with only 30% of the vote, not with a majority. A coalition government will still have to be formed. With the anti-bailout SYRIZA party winning 27% of the vote many are predicting that the unstable political situation in Greece has simply been extended. Most banks are still factoring in a very high chance in the next year. In fact given the schedule of the bailout repayments it has been suggested that yet another election is likely to forced with in 6 to 9 months.

In short the halt in the fall of the Euro is likely to be short lived.

On the FX markets, the euro rose to a one month high  against the dollar of $1.2745 following the outcome of the Greek election before easing back to just under $1.27 in early morning trading. Sterling was also able to add to the gains made against the US dollar on Friday with GBP/USD up nearly 2 cents to $1.5675.

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