Greek stocks tank after key vote fails
Greek stocks plunged today after a key vote failed to result in a new president, pushing the country further towards political crisis.
Greece’s blue chip index fell as much as 11 per cent weighed down by banks such as the National Bank of Greece and Alpha Bank.
Today marked the third and final round of voting which has now failed to find a successor to President Karolos Papoulias.
Greece must hold snap elections 21 days from today and Papoulias will have to dissolve Greece’s current parliament tomorrow.
Commentators fear this could jeopardise the country’s international bailout programme by paving the way for anti-austerity party Syriza to come into power.
At worse this could ignite anti-austerity sentiments in other peripheral European countries such as Spain and Italy. Spain’s Ibex and Italy’s FTSE MIB were down 1.8 per cent and 2.3 per cent respectively in mid-morning trade.
Source: CITYA.M. – Greek stocks tank after key vote fails
