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    May 07, 2012

World Markets Fall After European Elections Raise Concerns

   VOA News
   Stock traders watch their screens in Paris Monday May 7, 2012, one day
   after France handed the presidency to leftist Francois Hollande.
   Photo: AP

   Investors pushed major markets across Asia and Europe lower Monday,
   following elections in Greece and France that raised concerns about the
   future of austerity measures put into place to help rescue ailing
   eurozone economies.
   Stocks in Greece plunged more than 7 percent in early trading, while
   markets in Germany and France fell more than 1 percent.
   Japan's Nikkei index closed down 2.8 percent while Hong Kong's Hang
   Seng ended 2.6 percent lower.
   In France, voters elected as their new president Socialist Francois
   Hollande, who has pledged to push back against German-led austerity
   programs for troubled economies.
   Europe has spent tens of billions of dollars on bailouts - twice for
   Greece, and once each for Ireland and Portugal - and has a new rescue
   fund slated to take effect in July. But to get the money, the European
   Union and the International Monetary Fund insisted the countries make
   sharp, unpopular spending cuts.
   Greek voters backed anti-austerity parties in Sunday's parliamentary
   elections, leaving leaders the task of forming a new coalition
   government.

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