French Socialists win parliamentary elections

Note: This section contains information in English only.
Source: Bloomberg
French President's Hollande's Social Party got the vast majority in parliamentary elections, exit polls indicated on Sunday. The Socialist party took 314 out of 577 seats while its main competitor Sarkozy's Popular Movement gained 228 places. The victory provides Socialists with a control over almost all French political institutions starting from presidency to lower and upper houses of parliament. 
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Mon, 18 Jun 2012 06:59:54 GMT

Euro rallies on Greek election results

The 17-nation currency appreciated sharply reaching almost a monthly record high after preliminary election results showed parties supporting austerity got enough votes to lead Greek parliament. Euro climbed 0.5% versus US Dollar to USD 1.2705 in Asian trade, the highest value since May 22. Currently EUR/USD is trading at 1.2712. 

Mon, 18 Jun 2012 06:37:54 GMT

Greece parties in rush as country's cash reserves diminish

Greece's two historically competing parties are rushing to build a coalition as the nation's cash reserves fade, bank deposits leave the country and EU requires re-introducing austerity measures before providing more bailout financing. Greece may run out of cash in the middle of July. EU political officials demand Greece to renew spending cuts in order to receive next portion of USD 305 billion rescue

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