Greek pro-bailout win cheers market
A narrow election win for Greece’s pro-bailout party New Democracy cheered investors today in the hope that the embattled country has bought more time to remain in the euro.
The FTSE 100 Index in London opened more than one per cent higher after the party, led by Antonis Samaras, secured 29.7 per cent of the vote while anti-austerity group Syriza gained 26.9 per cent.
The result, which saw Asian markets and the Dax in Germany rise more than one per cent, meant a Greek exit from the euro - a major threat to global financial stability - was no longer an imminent threat. The euro rallied against most major currencies.
David White, a trader at Spreadex, said: “Last night the people of Greece kept the future validity of the eurozone alive.”