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Greece faces early 2015 election as presidential vote fails

Greek voters will be heading to the polls in early 2015 after the country’s parliament failed to agree on a new president in a third and final vote on Monday. Prime Minister Antonis Samaras needed a supermajority of the 300-seat parliament to back his candidate — former European Commissioner Stavros Dimas — but he only secured 168 of the 180 votes needed. The rejection of the government’s candidate now means that the parliament will have to be dissolved and a snap election held in late January or early February. Borrowing costs in Greece surged after the vote, with the yield on 10-year government paper GR10YT, +0.00% up 67 basis points to 8.806%, according to electronic trading platform Tradeweb. The Athex Composite stock index GD, -8.46% plunged 10% to 764.55.


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