Markets soar on Greek election result

The morning after majority of Greeks voted in favor of two political parties that support moves to keep this nation among the 17-member European Union, the euro soared in early Asian trade on Monday, June 18. The dollar has climbed against the Japanese currency to 79.09 yen from 78.67 yen. The Sunday vote, which became a proxy on whether cash-strapped Greece will honor its debt commitments and heed the austerity and bailout measures peddled by the EU and International Monetary Fund (IMF), gave investors and market watchers a respite. Noteworthy, too, was the Washington-based lender’s statement that it will set about a renegotiation of Greece’s 130-billion-euro bailout program. It’s a long way to go for debt-hit Greece and troubled euro, but markets cheered the results.