The Athens stock exchange was down more than 5%, with banks leading the way, while the major European indices -- the FTSE 100, the French CAC-40 and the German DAX -- spent most of Monday in the red.
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And yet this may prove to be a good opportunity to buy on dips in these usually too bullish markets, as the negative reaction could turn out to be exaggerated.
The failure to elect a president does not mean that the wheels have fallen off the Greek economy (or indeed that Greece will leave the euro, as some investors now fear).
Early elections will take place on Jan. 25, so in less than one month. And while Alexis Tsipras, the president of left-wing party Syriza, promised that austerity-backed bailouts are a thing of the past, it may not be so easy for him to fulfill his promise.
Yes, his party is ahead. But opinion polls also show that it is closely followed by New Democracy and Pasok, which together could still form a coalition and rule if the vote doesn't turn out to be in Syriza's favor.
Courtesy of Societe Generale