Asia Stocks Rally After Greek Election Results

Posted June 18th, 2012 at 1:15 am (UTC-5)
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Investors have pushed stock markets across Asia higher after pro-bailout parties won enough votes in Greece's parliament elections to form a government.

Japan's Nikkei index rose nearly two percent in morning trading Monday, while Hong Kong's Hang Seng was up more than 1.5 percent.

The results in Greece also boosted the euro as concerns about the country possibly leaving the currency eased.

The European Union and the International Monetary Fund have placed harsh austerity conditions on Greece. in exchange for bailout funds. The cuts are unpopular in Greece, where parties opposed to the package have called for it to be annulled.

The ongoing turmoil in the 17-member euro zone has affected markets outside of the continent.

In Afghanistan, Sunday, the head of money exchangers in Kabul, Amin Jan Khosti, told VOA that traders were swapping euros for dollars to escape the fluctuating situation in Europe.

“Because today when I was at the market, people mostly exchanged euro. They think if today's Greece's turn, maybe tomorrow is Spain and next it will be Portugal's turn. People think every day their budget deficit is getting deeper.”

Khosti says Afghan businessmen are worried that the euro's ups and downs will damage their trading. He also says Afghans are already thinking about how the pullout of international troops in 2014 will affect the country's financial situation.