Heavy focus from Greece’s elections yesterday shifts towards the G20 summit today in Mexico as world leaders gather to resolve ongoing debt problems around the globe. The main talking points will be centered on the Eurozone crisis without a shadow of a doubt.
Greece saw its New Democracy party (29.7% votes) leader Antonis Samaras win ahead of its main competitor Syrizia (26.9% votes). New Democracy will form a likely coalition with the socialist Greek party PASOK (12.3%). This means that Greece will remain in the Euro for now and New Democracy has three days to form a new coalition government. This may give some confidence for the Euro, which as a result should strengthen.
France’s president Francois Hollande seems to have won enough seats in parliament to form a majority socialist party. The elections suggested that he took more than 320 out of 577 seats in the National assembly. Now Hollande will look to see strong backing for his tax and spend program.
United States housing market according to reports saw a slight gain in May as house prices dropped, home starts climbed 0.4% and record-low mortgage rates available. This also prompted builders to take on new projects creating a new found confidence in the economy.
As the Euro may expect a small increase on the back of elections in Greece we may continue to see this trend continue should the new parties form a new government over the next couple of days.
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