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Universal worry over local politics

 Markets, banks and investors express concern in aftermath of inconclusive election

The country’s creditors, its business sector, the markets and the local bourse are clearly expressing acute worry regarding the misty political landscape in the aftermath of Sunday’s inconclusive election.

After European Union and International Monetary Fund officials voiced their own concern on Sunday night, next in line were the major credit firms.

“The result of elections in Greece generates considerable uncertainty mainly regarding the future course of the country as well as the broader spectrum of eurozone assets,” Goldman Sachs informed its clients on Monday. It added that the “misty” political situation in Greece stands in stark contrast with the decisions that must be made in the next two months, referring to the foreign law bonds maturing on May 15, budget cuts of 11.5 billion euros, the recapitalization of banks and the reforms in the products and service sector.

While economist Nouriel Roubini said a Greek exit from the eurozone is just a matter of time and will likely happen before the end of the year, UBS’s head of European rates strategy, Justin Knight, stressed Greece has no margin for a bailout renegotiation. “We’ve already had a default in Greece and the market is priced for another default. The real risk is if markets start pricing in the possibility of Greece exiting the euro,” he said.

At home the head of the Federation of Hellenic Enterprises (SEV) called for the formation of a national unity government with the participation of SYRIZA.

ekathimerini.com , Monday May 7, 2012 (23:05)  
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