Here's The One Thing You Need To Know That Happened This Weekend

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Photo: AP Images

If you weren’t tuning in at all over the weekend, and weren’t foll lowing the elections in Greece and France, we’re going to boil it down very quickly for you.The one thing you need to know is that the two mainstream parties in Greece got clobbered at the polls. Whereas in the past they would garner 80% of the vote between the two of them, this time they got less than 35%. PASOK, which previously had the majority, came in 3rd place, behind the New Democracy party (conservative) in the far-left, anti-austerity SYRIZA party… a party which has never really had party before. What’s more, fringe parties like the communists and the Nazis gained a handful of seats. Therefore, forming a new government in this kind of fractured situation will be extremely hard, and the ongoing bailout/reform plan is seriously in doubt.

For more on why this is a major concern to the market, see here >

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