Tuesday, 27 January 2015

Comment: Markets calm as Greek tragedy unlikely

FINANCIAL markets held their nerve yesterday despite the radical-left Syriza party sweeping to power in Athens. Party leader Alexis Tsipras has pledged to fight for substantial Greek debt “forgiveness” – ie write-off – from the European Union and its hated technocrat enforcers, the European Central Bank (ECB) and the International Monetary Fund(IMF).
There is much talk amid the populist post-electoral euphoria of ending Greece’s “humiliation and misery” after years of austerity. Emotive, if understandable, language.
Jobs, pay and pensions have all been ravaged in the country, with unemployment running at about 25 per cent, nearer 50 per cent for young Greeks. It is a recipe for civil disorder and has been the seedbed for the appeal of Tsipras, long on charisma, short on political experience.

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