Deutsche Bank Explains What Just Happened In Greece, And Why Markets Are Getting Hammered Tonight

Sunday, May 6, 2012
By Paul Martin

Joe Weisenthal
May 6, 2012

Markets are really getting hammered to start the week.

The euro is getting whacked.

US futures are getting hit.

The Aussie dollar is at its lows of the year.

Oil is tanking. It’s now below $97/barrel.

So what’s up? Greece, basically.

In a note out tonight, Deutsche Bank’s George Saravelos explains why the outcome in Greece is, in his words, “a significant market-negative surprise.”

Basically, the two big pro-austerity parties got a stunningly low 32% of the vote, meaning that the overwhelming intention of voters was “anti-programme” (against the existing austerity deal). That makes it extremely unlikely that the current cuts-for-bailouts deal can go ahead easily.
Saravelos sees three outcomes.

The Rest…HERE

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