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Tsipras wins but now comes the hard part

Monday, September 21, 2015 - 01:34

Greek equities lost ground after Syriza's election victory and yields on government paper edged higher as attention turned to the formation of a new cabinet. As Sonia Legg reports, attention is now focussed on the implementation of the country's third bailout.

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Greek stocks took a slight dip after Syriza's election victory. Worries about the new cabinet caused the jitters along with the implementation of a third bailout. But the relatively resounding victory by Alexis Tsipras barely registered on markets outside Greece. Matthew Beesley is from Henderson Global Investors. (SOUNDBITE) (English) HEAD OF GLOBAL EQUITIES, HENDERSON GLOBAL INVESTORS, MATTHEW BEESLEY, SAYING: "I am not sure the victory for Tsipras today really changes the outlook for Greece in terms of its economic position and outlook as we look forward." Tsipras called the election after he was abandoned by party radicals last month. They were angry he'd given in to demands for austerity in order to win a bailout from the euro zone. He's now promising a new phase of stability. (SOUNDBITE) (Greek) SYRIZA PARTY LEADER, ALEXIS TSIPRAS, SAYING: "Today in Europe, the Greek people are synonymous with resistance and dignity. This struggle will be continued for a full four years, because the mandate we got is a four-year mandate." But after five elections in six years - many are reluctant to rule out another one. (SOUNDBITE) (English) HEAD OF GLOBAL EQUITIES, HENDERSON GLOBAL INVESTORS, MATTHEW BEESLEY, SAYING: "The pain of further economic contraction, fiscal reform and corporate restructuring is still to be felt and given this very topsy-turvy year we have gone through it is probably too early to assume that that is the last election we are going to have for the next couple of years yet." Tsipras avoided the b-word in his victory speech. But once he's formed his new government it will be back at the top of the agenda. Lenders are due to review the bailout programme next month.

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Tsipras wins but now comes the hard part

Monday, September 21, 2015 - 01:34