29/12/2014 12:40
Greece is heading to early elections as the parliament failed to vote for a new president.
In the third and final phase of the presidential election, the ruling coalition's candidate secured just 168 votes failing to reach the necessary 180 votes.
This development is expected to prolong the period of uncertainty for the country negatively impacting its economic recovery.
The leftist party SYRIZA continues to be ahead in the polls although its advantage lately narrowed. It currently ranges from 2,5% to 3,3%.
The result initially accelerated the losses in the Athens stock exchange which started the day under heavy selling pressures.
The index is gradually recovering during the last 40 minutes erasing some of the losses but still being substantially lower.
It currently stands at 786,45, 7,8% lower than Friday's close while after the official result it declined to 758,38.
The banking sector is feeling most of the pressure with the losses in the four systemic banks of ETE, ALPHA, EUROB and TPEIR reaching 11,6%, 9,8%, 17,9% and 13,7% respectively.
Meanwhile the Greek bond yields deteriorated to 11% and 8,82% for the 3-year and 10-year bonds respectively.
In the third and final phase of the presidential election, the ruling coalition's candidate secured just 168 votes failing to reach the necessary 180 votes.
This development is expected to prolong the period of uncertainty for the country negatively impacting its economic recovery.
The leftist party SYRIZA continues to be ahead in the polls although its advantage lately narrowed. It currently ranges from 2,5% to 3,3%.
The result initially accelerated the losses in the Athens stock exchange which started the day under heavy selling pressures.
The index is gradually recovering during the last 40 minutes erasing some of the losses but still being substantially lower.
It currently stands at 786,45, 7,8% lower than Friday's close while after the official result it declined to 758,38.
The banking sector is feeling most of the pressure with the losses in the four systemic banks of ETE, ALPHA, EUROB and TPEIR reaching 11,6%, 9,8%, 17,9% and 13,7% respectively.
Meanwhile the Greek bond yields deteriorated to 11% and 8,82% for the 3-year and 10-year bonds respectively.
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