Greece fails to elect a President in Three Attempts… The New Democracy Party suffered a setback when its candidate for President fell short of the votes necessary for election.
What it means — After three attempts, the Greek political process calls for a snap election, which at this point favors the far-left leaning Syriza Party. This group has called for renegotiating the terms of the Greek bailout, demanding cuts in what is owed to the European Central Bank (ECB) and other creditors, and restoring social payments.
The possibility of Syriza gaining control of Greece sent that country’s stock market tumbling and yields on Greek debt soaring. Greek 3-year bonds now yield more than 12%. The troika that provided the bailout to Greece has suspended all payments until the country’s political situation is stabilized. If Syriza takes control, the possibility of Greece exiting the euro would be back on the table.