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Greek Move Toward Austerity Lifts Markets

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By Douglas A. McIntyre Updated Published
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Markets in Europe rose, but only modestly, because of polls that showed Greek voters shifting support toward parties that favor austerity. The news was unexpected. Greeks showed a great level of rebellion against sharp government cost cuts and wage and salary reductions in national voting just a month ago.

Greeks may have come around to the realization that an exit from the European Union would plunge the nation into depression. It also would make it impossible for the central government to raise money. Trade between Greece and its neighbors, already damaged by the economy, would drop even further as Greece returned to the drachma.

The new sentiment could also be a reaction to the reality that Germany’s Angela Merkel, the holder of the EU purse strings, will not allow the region to shift its focus from austerity to stimulus.

According to MarketWatch:

European stock markets rallied on Monday as investors’ appetite for risk was boosted after polls in Greece pointed to a victory for the pro-bailout New Democracy party ahead of next month’s elections.

Douglas A. McIntyre

Contact [email protected] for any questions or corrections.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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