Greece: Stock market opens up after PM calls early election

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Greece’s Prime Minister Alexis Tsipras makes statements at the Syriza party headquarters in Athens on Sunday, May 26, 2019. New Democracy leader Kyriakos Mitsotakis, the protected winner of Sunday’s European election, has just called on Prime Minister Alexis Tsipras to resign.(AP Photo/Yorgos Karahalis)

Greece’s stock market has opened up 5 percent, the morning after Prime Minister Alexis Tsipras called snap general elections following a resounding defeat of his left-wing Syriza party in European elections.

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Official results from 75% of the vote Monday showed the conservative New Democracy party more than 9.5 percentage points ahead of Syriza, with 33.26 percent, compared to the governing party’s 23.75 percent. Tsipras said Sunday he would visit Greece’s president to request the early dissolution of parliament after the second round of local elections on June 2. The likeliest dates for national polls are June 30 or July 7.

The result is a resounding defeat for a party that rose to prominence in 2015 on promises of repealing austerity imposed during Greece’s international bailout, but ended up imposing more.

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