Home > Uncategorized > June 18 – Market Update – Greece New Democracy Forming Coalition

June 18 – Market Update – Greece New Democracy Forming Coalition

ForexTradeGains.com – Update on Greece

Greece's Antonio Samaras

Greece’s Antonis Samaras : Courtesy of BusinessWeek.com

Greek voters have played their part for a second time in as many months to try and democratically elect a party to lead them through its most difficult times of the modern era. 

The New Democracy party has won the right to try and form a coalition government over the next 3 days with 130 seats, which is 20 seats short of an outright win.

This had markets breathe a brief sigh of relief to know that the ball is in the court of the more predictable conservative party. Also adding to the sense of relief was knowing that the other main pro Bailout Party Pa.So.K collected 33 seats which would take a coalition over the 150 seat requirement should they come to an agreement.

However, this is much easier said than done and we can expect there to be hurdles and delays as both pro bailout parties have agendas and will know the strength of cards that they hold.

Markets are relieved for the short term that the unknown SYRIZA party did not win but they will still be playing a major part in Greece’s progression. There is still a fair bit to play out and today’s result just helps us understand the initial path we take.

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Additional Reading:

What the Hell Is Going on with the Greek Financial Crisis
Greece’s ‘Odious’ Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community (Anthem Finance)
Bust: Greece, the Euro and the Sovereign Debt Crisis (Bloomberg (UK))
An Introduction to Forex Trading – A Guide for Beginners
The Sensible Guide to Forex: Safer, Smarter Ways to Survive and Prosper from the Start (Wiley Trading)
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