Greek Shares Rally Amid New Democracy Victory

Greek shares surged on Monday after pro-bailout party New Democracy secured a victory in parliamentary elections in Greece over the weekend, easing fears of an imminent ‘Grexit’ of the euro and a potential breakup of the currency union.

The Athens General Index (GR:GD) +3.27% rallied 4.5% to 585.51, with National Bank of Greece SA (GR:ETE) +11.11% jumping 14.8%.

Ahead of the election, the major concern was that anti-austerity party Syriza, who has vowed to renegotiate Greece’s bailout terms with its international lenders, would secure a majority, stoking risk that Greece eventually would leave the euro.