Kames Capital fixed income manager Sandra Holdsworth warns this weekend's Greek elections could have severe implications for market sentiment in the coming weeks.
Following the Greek debt PSI (the private sector involvement in a bond swap) and Bailout II deals earlier this year, markets breathed a collective sigh of relief. It seemed investors could go back to looking at more traditional techniques of valuation rather than trying to anticipate the next twist and turn in Greek politics and its relationship with the IMF, EU and the ECB. Ample liquidity, signs of life in the global economy if not the eurozone, extremely low interest rates and undemanding valuations all encouraged investors back into risk assets. But, it is back. Greece is about to...
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