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Paszkiewicz, Roland

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Gazeta Wyborcza - Poland | 19/06/2012

Markets have long been focusing on Spain

Sunday's election in Greece has had no impact on the markets because the investors have long since turned their attention to Spain, writes Roland Paszkiewicz, chief analyst at the Polish investment firm CDM Pekao in a commentary for the liberal daily Gazeta Wyborcza: "The investors have been reckoning with a positive outcome for Greece for two weeks and have bought shares in listed companies. In the event that the radical left-wing Syriza had won they would have assumed that the European Central Bank would intervene and calm the markets. Now - following the positive decision of the Greek voters - the investors who bought shares a week or two weeks ago are selling them off at a profit once more. The investors are now focusing on how big the risk is that Spain's economic problems will continue to increase. For around six months now, purchasers of Spanish bonds have been demanding ever higher interest from the government in Madrid to cover the growing risk."

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