Serenity

by Andrew Stuttaford

The Greek elections decided very little. One bullet dodged, perhaps. Many more to come.

The reaction of Italian prime minister Mario Monti?

“This allows us to have a more serene vision for the future of the European Union and for the euro zone…”

The markets were not quite so, uh, serene:

By 0830 GMT, the euro was back down at Friday’s levels. Bellwether French bank stocks were in the red again, the cost of insuring against a default on Spanish government bonds hit a record high and the yields on Spanish 10-year bonds were up at record highs above 7%, indicating relentless market stress. The rise in yields is ominous for Spain, which faces a bond sale on Thursday.

Oh well.