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Euro fell against usd and gbp following french and greek electionresults by ferujkll sdff
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Euro fell against usd and gbp following french and greek electionresults |
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Business,Business News,Business Opportunities
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In New York, the Dow Jones opened down by 0.3%. The interest rates on some government debt has also gone up,indicating a fall in investor confidence. The yield in thesecondary markets for Greek 10-year bonds has gone up from 20% to22.2%. Asian markets also fell, with the Nikkei in Tokyo dropping 2.8%.South Korea's KOSPI shed 1.8% and Hong Kong's Hang Sengdropped 2.4%.
In Greece, the socialist Pasok party saw an unexpectedly poorresult, while Syriza, which has opposed austerity measures , had a strong performance. The result has cast doubt on whether the country's policiesthat currently include large spending cuts, tax increases and statejob losses, can continue. "The knee-jerk reaction was a little strong, butthere's chaos in Greece, and [politicians] being against thedeal that was already agreed upon is almost like progress being setback a year and a half," said Scott Freeze, president of StreetOne Financial. While the French result was expected, there is still concern aboutwhether Francois Hollande will be able to work as closely withGerman Chancellor Angela Merkel as his predecessor Nicolas Sarkozy did. The two were the driving force behind the eurozone's fiscalcompact.
Francois Hollande stood on a platform of promoting growth ratherthan concentrating on austerity. "The global financial markets aren't thrilled by theidea that France and Greece have voted for governments less willingto work with the Germans on a consistent approach to addressingtheir fiscal deficits," said Dick Green at Briefing.com. During the campaign, Francois Hollande pledged to renegotiate thefiscal pact in which European countries agreed to strict controlson their budgets. But following his victory, and the defeat of the governingcoalition parties in Greece, Angel Merkel said that the deal was"not up for grabs".
"It is a matter of principle in Europe that followingelections, be they in small or large countries, we do notrenegotiate what's already been agreed," she said. "Otherwise we could not work together in Europe." The ratings agency Standard and Poor's, which downgradedFrance from its triple-A rating in January said the election resultwould have no immediate impact on its credit status. "We will analyze the policy choices of France'spresident elect and the new government, taking into account theoutcome of the parliamentary elections in June," the agency said. "The chances are that the next move is going to be down.
Thechances are it's going to be slightly earlier than it wouldhave been otherwise, but the agencies themselves will have ameasured response," said Georg Grodski, head of credit research at Legal and General. "There is still hope that Mr. Hollande will tone down some ofhis rhetoric and accept that you can't fix an economicproblem by living on other people's money.". I am an expert from Security & Protection, usually analyzes all kind of industries situation, such as intercom entry systems , fired earth paint.
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