Greece to hold new election, jolts euro markets

Attempts to form a government in Greece collapsed on Tuesday, jolting financial markets at the prospect leftists opposed to the terms of an EU bailout could sweep to victory and nudge the euro zone crisis into a dangerous new phase.

The turmoil in Athens sent waves around other troubled members of the 17-nation European single currency area. The euro slipped below $1.28 while Spanish and Italian bond yields rose above the danger level of 6 percent as investors scurried for shelter in safe haven German Bunds.

The tremors from Greece, compounding worries about Spain's debt-laden banking system, ended any honeymoon for new French President Francois Hollande, thrusting the growing risks to the euro zone to the top of the agenda for his first meeting with German Chancellor Angela Merkel hours after he took office.

Read Full Article from Reuters

- Posted: 2012-05-15 10:01:51

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