Greek crisis: drama or drachma?
There'll be a rough ride for Greece in 2015 but no significant impact on the euro area, says AXA investment managers
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PRIME Minister Antonis Samaras' attempt to buy time in order to complete the reforms pledged by Greece and get the last tranches of the loans promised by the European Stability Mechanism (ESM) (1.8 billion euros due in 2014 but postponed) and 7.1 billion euros from the International Monetary Fund (IMF) has backfired.
Early general elections will take place on January 25 and they are likely to give a majority to the leftist party Syriza or a coalition led by this party, although polls suggest the situation remains fluid.
Financial markets have immediately reacted to the news, with a fall in the Greek equity market and a rise in 10-year Greek government bond yields, which are now more than 10 per cent.
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