View more on these topics

Greece vote backs austerity and euro

The results of the latest Greek elections have shown support for its continued membership of the eurozone, with pro-austerity party New Democracy winning by a narrow margin.

New Democracy will now attempt to form a coalition government. Leftist political party Syzira, which had been one of the most vociferous opponents of austerity measures, came second-placed.

The BBC reports New Democracy took 29.7% of the vote, winning 129 seats. The Syriza party came second with 26.9% of the vote and leader Alexis Tsipras has pledged to lead national opposition to pro-austerity measures.

The results have allayed fears of an imminent exit from the euro by Greece, with markets rising in early trading.

A joint statement by European Council and European Commission presidents – respectively – Herman Van Rompuy and José Manuel Barroso, welcomed the backing of the Greek people for the widely unpopular austerity measures.

Van Rompuy and Barroso hailed the “courage and resilience” of the Greek electorate, claiming that they would continue to stand by the Greece “asa member of the EU family and the euro area”.

In a joint statement they said: “We look forward to work with the new government and to support the continued efforts of Greece to put its economy on a sustainable path. The second economic adjustment programme agreed between Greece and the eurogroup is the basis upon which to build to foster growth, prosperity and jobs for the Greek people.”


Next Bank governor may have too much responsibility, says FSA boss

Outgoing Financial Services Authority chief executive Hector Sants has warned that the responsibility given to the Bank of England’s next governor could be too much for one individual. In 2013, the successor to current Bank governor Mervyn King will be tasked with heading the regulation and supervision of banks and big financial institutions. In an […]


FSA reveals its latest executive pay and bonuses

Financial Conduct Authority chief executive designate Martin Wheatley has already been paid over £50,000 in performance related bonuses, after joining the FSA last September.

Countrywide considers move into travel cover

Countrywide is considering expanding its general insurance offering to include travel insurance, Mortgage Strategy understands. The property giant is not believed to be looking at selling the insurance through its brokers until next year, but it is something on its radar. Its brokers currently sell protection and general insurance products associated with property sales, such […]


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • Michael White MD Boutique Capital 18th June 2012 at 1:44 pm

    Many influential economists believe the election result merely takes the Greeks out of the proverbial fire and puts them firmly back into a very hot frying pan!

    Quite frankly, I agree completely with this view and I might suggest we are now into the next waiting game of when, not if, the new government fails allowing Syriza back into the game again.