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ATHENS — Uncertainty over the government’s survival and future of Greece’s bailout program has spurred a second day of heavy selling on the Athens Stock Exchange, with the main index down a massive 9.4 percent.

The Oct. 15 plunge follows a loss of 5.7 percent the previous day. Yields on Greece’s 10-year bonds also rose sharply, to above 7 percent.

The losses come amid a wider drop in markets, but were exacerbated by a survey on Oct. 13 showing the opposition anti-bailout SYRIZA party had a lead over the governing party. That means the government could face an early election in February if the opposition lawmakers fail to back a candidate for the country’s new president.

Conservative Prime Minister Antonis Samaras was to chair a cabinet meeting on the economy later in the day.

The bad news for government plans to end its bailout program two years early, came amid reluctance by creditors to back the move and fears the ruling conservatives might have to call an early general election in February.

The government needs opposition votes in Parliament to elect a new president, and was trailing the anti-bailout SYRIZA party by 6.5 points in a survey.

 

 

The post Politics Drives Down Greek Exchange appeared first on The National Herald.

Source: The National Herald
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