GERMANY: Germany's DAX index opens more than 2 percent lower following elections in France and Greece

Record ID: 863102

  • Title: GERMANY: Germany's DAX index opens more than 2 percent lower following elections in France and Greece
  • Date: 8th May 2012
  • Summary: FRANKFURT, GERMANY (MAY 07, 2012) (REUTERS) VARIOUS EXTERIORS OF FRANKFURT STOCK EXCHANGE NEON SIGN CLOCK CHANGING TO 9 A.M. (0700 GMT) WHEN TRADING BEGINS PAN FROM BOARD TO TRADER ROBERT HALVER OF BAADER BANK (STANDING) VARIOUS OF TRADERS WORKING ON COMPUTERS HALVER / ELECTRONIC BOARD (SOUNDBITE) (English) TRADER AT BAADER BANK, ROBERT HALVER, SAYING: "After the elections in Greece and France there is a real threat that the old debt problems in Europe could face a renaissance. But I'm sure even with Mr. Hollande, a new coalition between Paris and Berlin called 'Merkhollande' will handle and manage the European problems. It could be a coalition of compromises. First of all, I guess Mrs. Merkel could allow the French to do more debt policy but on the other hand, she will be a strong believer in economic reforms because economic reforms are the major factor to have economic growth." DAX BOARD (SOUNDBITE) (English) TRADER AT BAADER BANK, ROBERT HALVER, SAYING: "Even after the election in Greece, it is absolutely clear that Greece should leave the euro zone to manage its economic problems. Having two problems, economic and political will not be manageable. They have to go out." HIGH SHOT OF FLOOR VARIOUS OF TRADERS WORKING ON COMPUTER WIDE OF DAX BOARD HIGH SHOT OF FLOOR
  • Embargoed: 23rd May 2012 13:00
  • Keywords:
  • Location: Germany
  • City:
  • Country: Germany
  • Topics: International Relations,Economy,Politics
  • Reuters ID: LVABV7C2R78O5XT6KBFFXQ9RBG5C
  • Aspect Ratio:
  • Story Text: Germany's DAX opened around 2.25 percent lower on Monday (May 07) following elections in France and Greece over the weekend, with financial markets eager for clear signals on newly elected French President Francois Hollande's policies and how hard he plans to push back against German-led austerity.
    "After the elections in Greece and France there is a real threat that the old debt problems in Europe could face a renaissance," Frankfurt trader Robert Halver told Reuters Television.
    "But I'm sure even with Mr. Hollande, a new coalition between Paris and Berlin called 'Merkhollande' will handle and manage the European problems. It could be a coalition of compromises," said Halver who predicted that "Mrs. Merkel could allow the French to do more debt policy but on the other hand, she will be a strong believer in economic reforms because economic reforms are the major factor to have economic growth."
    Halver reiterated his calls for Greece to leave the euro zone, arguing that "having two problems, economic and political will not be manageable. They have to go out."
    The DAX was down 1.22 percent around 11:30 a.m. (0930 GMT) and was at 6,480 points, down 81 points.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2012. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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