Credit Agricole: SYRIZA’s Victory May Cause Shock to EU markets

According to Bloomberg news agency, Mark McCormick, a currency strategist at the French Credit Agricole, sent a to the bank’s clients, stating that a possible victory of SYRIZA in the euro elections might cause a shock to the European markets. McCormick claimed that a possible victory by SYRIZA can cause a  shock to Europe’s assets (bonds, equities, interest bearing securities, etc.) at a time when Greece is trying to implement reforms. McCormick, according to Bloomberg, stated that the European elections should not be underestimated given that their results will have an impact on the above-mentioned assets.The increasing popularity of anti-European parties constitutes a threat to the progress that has been achieved in financial reforms. The greatest danger lies in Greece, which could be led to early elections if the Greek main opposition party wins a majority in the European elections. The note concluded that elections in Italy, Spain and Portugal could also draw investors’ interest in European assets, but not as much as a Greek election would.

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