Financial markets took the result of the Greek general election largely in their stride yesterday. The victory of hard-left, anti-austerity party Syriza was predominantly in line with analysts’ predictions, with plenty of advance warning for investors and traders.
But even so, the news did initially wobble markets, with the euro careering to $1.1098 – an 11-year low (see graph) – before rebounding. The yield on the 30-year Treasury bond in the US also hit a record low in early trading, as investors shifted funds to supposedly safer assets.
So with the prospect of a drawn out battle between Greece and its creditors over Syriza leader Alexis Tsipras’s demand for a substantial Greek debt haircut, and the prospect of Grexit, what should traders brace themselves for in the coming months?
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