Elections In Greece and France Bring Change
The early read on elections in Greece points toward more uncertainty relative to implementation of the reforms needed to receive aid. The Financial Times reported a political analyst said Greece faces a “political earthquake” and as he summed up the early returns in Greece this way - “There is a whole generational shift happening in just one night.”
From Reuters/CNBC:
Greek voters enraged by economic hardship deserted governing parties in droves at elections on Sunday, according to exit polls that raised deep uncertainty about the country’s future in the euro zone. Initial vote counts indicated that the two parties supporting an EU/IMF bailout that is keeping Greece from bankruptcy would likely fall short of enough support to form a lasting coalition government.
From Reuters/CNBC on political change in France:
France crowned Francois Hollande as its first Socialist president in nearly two decades in an election on Sunday, marking a shift to the left at the heart of Europe and heralding a fight back against German-led austerity. Conservative President Nicolas Sarkozy, swamped by anger at a surge in unemployment during his five-year term, was the 11th euro zone leader to be swept from power by the economic crisis.
