ATHENS-Stocks are mixed today – but could have been worse – as Greece saw a narrow victory for the party that wants to implement the European bailout conditions for the country. At noon the Dow Jones was down slightly, and experts today say the market will likely see-saw back and forth as investors keep an eye on Greece, Spain, Italy and Ireland to see whether billions of dollars in bailout money for governments and banks will ease the current Euro Zone crisis.

There was even talk that Greece could pull out of the Euro currency, a fear that may not hold weight now that the New Democracy party, led by Antonis Samaras, won Sunday’s election. Samaras said the country will meet the conditions of a second $173 billion bailout promised in the first quarter by the Euro Zone to protect Greece from total bankruptcy. However, he also said that he’s going to try to amend the conditions to ease austerity measures that have caused widespread job loss and recession. More fires, set in protest, raged through the election, matching violence in February.

“We will work together with our European partners to add to our obligations, the necessary policies for the development and treatment of … the case of unemployment,” Samaras said in a statement Sunday. “(The policies) can no longer continue to hurt each family. We work by consensus with everyone, but with persistence and stability.”

We Also Recommend:

The Council of the European Union and the Eurogroup, the legislature and finance ministers of the European Union, both applauded the election of the New Democracy party. In separate statements, the two bodies said that the new government should help bring Greece back on the path of sustainable growth.

“The Eurogroup acknowledges the considerable efforts already made by the Greek citizens and is convinced that continued fiscal and structural reforms are Greece’s best guarantee to overcome the current economic and social challenges and for a more prosperous future of Greece in the Euro area,” according to the Eurogroup statement. “The Eurogroup expects the Troika institutions to return to Athens as soon as a new government is in place to exchange views with the new government on the way forward and prepare the first review under the second adjustment program.”

Earlier this month the Eurogroup agreed to provide Spain with a $125 billion bailout for its banks, though the government is not in as much trouble as Greece. Ireland also is faring somewhat better and has implemented harsh bank and government austerity measures.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.