Two pro-bailout political parties in debt-riddled Greece are working hand-in-hand to create a new government and stability in the nation that remains in danger of defaulting on its loan obligations and being removed from the 17-nation euro zone, according to published reports.
Results of Sunday's second elections in six weeks established the New Democracy party in first place and the Pasok party in third place, both being in favor of bailout loan money for the Aegean nation, according to Bloomberg. But sandwiched between them in second place is the Syriza party, which adamantly opposes the austerity measures.
"What stands out is how close SYRIZA came … so we expect some robust opposition to the austerity measures," currency strategist Daragh Maher with HSBC told Reuters. "Markets will be concerned about how narrow the margin of victory was for ND and any gains in the euro and other markets will be limited."
May 6 elections did not produce a clear winner, mandating the second go-round as the world watched and markets trembled.
The common currency of the European Union is projected to gain in the aftermath of the election returns, according to Reuters. Italy and Spain, two countries struggling under the vice of the euro debt scourge, also are projected to see a slightly brighter outlook.
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