Arab Today, arab today sarkozy defeat stokes jitters in asian markets
Last Updated : GMT 04:33:33
Arab Today, arab today
Arab Today, arab today

Euro sinks in value after European elections

Sarkozy defeat stokes jitters in Asian markets

Arab Today, arab today

Arab Today, arab today Sarkozy defeat stokes jitters in Asian markets

Jun Azumi, Japanese Finance Minister
Tokyo - Agencies

Jun Azumi, Japanese Finance Minister The Euro sank in value yesterday as the electoral defeat of ruling parties in France and Greece stoked anxiety in Asia about the fate of austerity policies designed to end the Eurozone\'s debt crisis .
Among creditor nations in Asia, concern emerged in Japan and China about the zone\'s policy direction after Socialist Francois Hollande beat President Nicolas Sarkozy in France and Greek voters punished pro-austerity parties.
Sarkozy\'s defeat on Sunday was not necessarily a surprise, National Australia Bank said in a research note.
\"However, it brings home the reality that incumbents following the (European Union\'s) prescribed austerity measures are going to find it difficult to remain elected,\" it said.
\"What happens to these austerity measures now are what are weighing on (the Euro).\"
The single currency bought US$1.2981 in afternoon trade in Tokyo, down from US$1.3082 on Friday in New York. It also fell against the Japanese currency, dropping to ¥103.55 from ¥104.50 on Friday.
At one stage, the euro dipped to US$1.2954, its weakest level since late January, while also slumping to ¥103.22.
On Asian share markets, Tokyo stocks dropped 2.63 per cent in afternoon trade, while Hong Kong dived 2.43 per cent and Sydney shed 1.88 per cent.
The anti-austerity, pro-growth platforms of Hollande and left-wing opposition parties in Greece resonated with voters tired of strict belt-tightening under their incumbent governments.
The fate of restrictive policies aimed at curbing mountainous debts and deficits in the common currency area now hangs in the balance, and Asian governments with big holdings of Eurozone debt are watching closely.
Japan\'s top government spokesman said Tokyo will \"carefully monitor\" how Europe reacts to the French election.
\"The trajectory of the European economy greatly affects our economy,\" Chief Cabinet Secretary Osamu Fujimura told reporters, adding that Japan considered discussions between France and European powerhouse Germany \"important\".
In communist China the state-owned Global Times, which is known for its nationalistic tone, said the anti-incumbent results in France and Greece bore out the dangers of democracy running to \"extremes\".
\"An administration change cannot generate the strong will needed to kick-start public debt reform in France,\" it added in an editorial.
\"The change has to come from reflection of a wider scope. But protests against austerity measures from Greece to France have suggested that this much-needed reflection is far from coming.
\"Statesmen are busy pleasing voters, not leading reflection.\"
Hollande had criticised German Chancellor Angela Merkel\'s insistence that deep cuts are the way out of the crisis, while the German leader had publicly backed fellow conservative Sarkozy.
In Germany itself, a state election on Sunday saw Merkel\'s Christian Democrats take only about 30 per cent of the vote in Schleswig-Holstein, a setback ahead of national elections in 2013.
\"Greece\'s elections may prove the more unstable, with the possibility of another in the near future,\" National Australia Bank said, noting that no one party had emerged dominant.
\"As it stands there is no clear winner, but there are likely to be calls to ease up on the austerity reforms.\"
Credit Agricole analyst Kintai Cheung said markets were nervous that the entire programme of Eurozone bailout policies could now be subject to review under Hollande and whoever takes power in Greece.
\"With the growing influence of anti-austerity political blocs, tensions among the Eurozone will likely be intensified and a wave of renegotiations for bailout programmes may be sparked,\" Cheung said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sarkozy defeat stokes jitters in asian markets Arab Today, arab today sarkozy defeat stokes jitters in asian markets

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday