Asian stocks rally after Greek vote eases fearsReported by SeattlePI.com on Monday, 18 June 2012 (on June 18, 2012)
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Asian stocks rally after Greek vote eases fears
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 07:52 p.m., Sunday, June 17, 2012
BANGKOK (AP) — Asian stock markets climbed Monday after elections in Greece eased fears of global financial turmoil, but analysts warned that the economic crisis shaking the 17 nations in the euro common currency was far from over. Stock markets rejoiced at the narrow victory by Greek conservatives who favor upholding an austerity program that their recession-mired country entered into in exchange for a financial bailout from international lenders. Measures included deep spending cuts on everything from health care to education and infrastructure as well as tax hikes and cuts in salaries and pensions. Overall, the Greek election result, while welcome, does not imply that the Greek people are embracing the tough reforms tied to the bailout package. Japanese vehicle makers soared on hopes that Europe, a huge export market, would avoid deepening economic turbulence. [...] stock market operator Hong Kong Exchanges and Clearing Ltd. fell 2.9 percent as investors worried a $2.2 billion bid announced last week for the London Metal Exchange was too high.
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