Increasing political risk was behind the sale of our residual Greek bank positions in early October, since when the Greek market has fallen by 25%. The failure of the Greek parliament to agree a Presidential candidate will lead to earlier parliamentary elections on January 25th 2015. Syrizia (who advocate Greece leaving the IMF creditor programme) are leading New Democracy in the polls (currently 30% to 27%1). And although Greece has achieved a primary budget surplus, it still requires external financing…
‘Grecian 2015’
07 Jan 2015
Posted by Barry Norris