Greece elections 2015: Euro hits 11-year low against dollar on Syriza victory

The euro hit an 11-year low against the dollar as investors digest what Syriza’s election victory in Greece means for the eurozone’s future.

The currency fell as low as $1.1088, the lowest level against the dollar in more than 11 years, but in mid-morning trading was 0.4% higher at $1.125.

Europe’s main share markets also rose – after initial falls – on hopes that a compromise over Greece’s bailout terms might be found.

Syriza wants to renegotiate the €240 billion bailout and slow the austerity cuts.

The left-wing party’s leader Alexis Tsipras said he wanted negotiation, not confrontation, with Greece’s international lenders.

“The new Greek government will be ready to co-operate and negotiate for the first time with our peers a just, mutually beneficial and viable solution,” Alexis Tsipras said.

The troika of lenders that bailed out Greece – the European Union, European Central Bank, and International Monetary Fund – imposed big budgetary cuts and restructuring in return for the money.

Alexis Tsipras said: “The troika for Greece is the thing of the past.”

The euro had already been under pressure following last week’s announcement of a new stimulus program by the European Central Bank.

Greece’s current bailout program ends in February, and economists say a short term deal will be negotiated, but difficult talks lie ahead. Germany has indicated that it is not prepared to renegotiate the bailout terms, raising the prospect that Greece could end up leaving the eurozone.

OrOKuq2XOdc
Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

2 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

2 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago

Canada Expels 6 Indian Diplomats Amid Khalistan Row

India and Canada have decided to expel their top envoys along with other diplomats as…

3 weeks ago