FRANCE: Markets breathe a sigh of relief as pro-bailout parties try to form Greek coalition

Record ID: 593356

  • Title: FRANCE: Markets breathe a sigh of relief as pro-bailout parties try to form Greek coalition
  • Date: 19th June 2012
  • Summary: PARIS, FRANCE (JUNE 18, 2012) (REUTERS) VARIOUS INTERIORS KBL RICHELIEU, A PARIS FUND MANAGER VARIOUS SCREENS, STOCKS (SOUNDBITE) (French) JEREMY GAUDICHON, FUND MANAGER AT KBL RICHELIEU SAYING: "Markets are quite relieved this morning because forces favourable to the austerity plan and the EU's bailout are ahead in Greece. New Democracy is ahead in Greece with the 129 seats and PASOK, the Socialist party, is in third position with 33 seats." SCREENS (SOUNDBITE) (French) JEREMY GAUDICHON, FUND MANAGER AT KBL RICHELIEU SAYING: "European markets opened sharply higher but after the first half hour of trading they gave up some of their gains. We're going to live in the shadow of news from Greece this week that will indicate whether or not a coalition can be formed." VARIOUS OF TRADERS INTERIORS (SOUNDBITE) (English) JEREMY GAUDICHON, FUND MANAGER AT KBL RICHELIEU SAYING: "After a strong performance last Friday anticipating the results of the election, of course this morning the markets are again up. At the opening we are around one percent up but of course there is a lot of uncertainty even though the New Democracy is first in the election there is a lot of uncertainty about the possibility they have to form for a coalition with the PASOK." VARIOUS OF TRADERS
  • Embargoed: 4th July 2012 13:00
  • Keywords:
  • Location: France
  • Country: France
  • Topics: International Relations,Economy,Politics
  • Reuters ID: LVA2ZRNP3106CC5BOMO8WU3Y8367
  • Story Text: Financial markets in Europe breathed a sigh of relief on Monday (June 18) with most major indices posting moderate gains as pro-bailout parties in Greece looked set to try and form a coalition following general elections there.
    In Paris, the CAC-40 index of leading stocks was showing gains of 0.41 percent at 0818 GMT, while London's FTSE was up 0.12 percent.
    "European markets opened sharply higher but after the first half hour of trading they gave up some of their gains. We're going to live in the shadow of news from Greece this week that will indicate whether or not a coalition can be formed," said Jeremy Gaudichon, a fund manager at KBL Richelieu in Paris.
    Greece's centre-right New Democracy party will try to form a coalition on Monday with other parties backing the international bailout after a narrow election victory over the left that eased fears of a sudden exit from the euro.
    The euro rose and European stocks were poised to open higher after Sunday's vote and the Athens streets were quiet after New Democracy leader Antonis Samaras pledged to move swiftly to form a government, telling supporters: "There is no time to waste".
    The once-mighty Socialist PASOK party, now reduced to third place, indicated it would support Samaras but had not yet decided whether to join the government or just offer parliamentary backing.
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