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Greece chooses Europe

· But the stock exchanges do not seem convinced of the outcome of the voting ·

The victory of the Conservatives in Greece does not seem to have convinced the markets. After a positive beginning in the wake of the Asian exchanges, in the middle of the morning the stock exchange indexes indicate meagre gains: Milan is down 1.03 %,  Paris has gained 0.39% and Frankfurt 0.83%, whereas London has stayed put at less than 0.16 %. There is tension over State bonds: the interest rate on Spanish 10-year Government bonds has soared to 560 points, while Italian Government Bonds are at 461 points, as opposed to the French bonds  at 115 points. There have been heavy decreases in bonds: the Spanish institute Bankia left 5.76%.

“Greeks today have chosen to remain united to Europe; this is a victory for the whole of Europe and Greece is anchored to the Euro”.  These are the first words of Antonis Samaras, leader of Nea Demokratia, after the announcements of the first results which put his party in the lead. The conservative leader also received a telephone call of congratulations from Angela Merkel, the German Chancellor, Nea Demokratia obtained 29.66% of the votes or 129 seats, thanks to a majority prize of 50 seats, as prescribed by electoral law. There are 300 Greek parliamentarians. This means that in order to govern Samaras will be forced into a coalition with the Socialists of PASOK [Panhellenic Socialist Movement] (12.28%, 33 seats). Alexis Tsipras, leader of the radical left Party SYRIZA [Coalition of the Radical Left], contrary to the plan imposed by the Troika, telephoned Samaras to congratulate him. “Greece is urgently in need of a Government”, Tsipras said, confirming that he will remain in the opposition. His party obtained 26.98%.

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St. Peter’s Square

Jan. 26, 2020

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