Greece skids, oil recovers: Are Greek politics about to unnerve financial markets again

David Scutt

Scutt Partners

Greece skids, oil recovers: Are Greek politics about to unnerve financial markets again? That's what many were left thinking overnight with PM Antonis Samaras bringing forward a vote on who will be the nation's next President. With only 155 members in his coalition and 200 votes required, Samaras must find a further 45 votes to ensure the appointment is approved. In what is troubling markets, should the parliament fail to agree on three separate occasions it will trigger a snap general election, potentially opening the door for anti-austerity party Syriza to take power. Greek stocks fell 12.78%, the largest percentage fall on record, with yields on shorter-dated government debt surging above those for benchmark 10-year bonds, a clear sign of financial market stress. The first Presidential vote occurs on December 17. (VIEW LINK)

David Scutt
Independent Market Strategist
Scutt Partners

David is a Director of Scutt Partners Pty Ltd and has successfully worked in the financial services markets over the past 12 years with both large and smaller banking groups. He has provided strategic financial analysis for currency and interest...


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