Europe’s establishment is delighted by the victory of New Democracy and pro-asphyxiation bloc. This relief is unlikely to last much beyond today, if that.
Greece’s new leaders have a mandate from Hell. Almost 52pc of the popular vote went to parties that opposed the bail-out Memorandum in one way or another. There is no national acceptance of the Troika’s austerity policies whatsoever.
While the most left leaning major daily in the UK writes:
12.05pm: Time for a lunchtime round-up. A relief rally in the first hour of trading - after Greece avoided "Drachmageddon" - soon showed signs of fading, with the stock markets turning negative. European shares have recovered somewhat since then, with the FTSE now up 18 points at 5497, a 0.4% gain. Germany's Dax has climbed 42 points, or 0.7%, to 6272, while France's CAC has edged up nearly 6 points, or 0.2%, to 3093.
Spanish and Italian bond yields are surging again: the Spanish ten-year has jumped 22 basis points to a new euro era high of 7.149% while the Italian equivalent is a shade over 6%, up 13 bps.
That's correct, a left leaning paper is concerned about inflation, while the right leaning paper is against circular loan arrangements. Irony is dead. That's dead. dead. dead.
Some day people will be able to understand strategic money, but right now, they are too busy collecting pay checks for not understanding it...