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European, African News

The following is based upon on-the-ground reporting from various news sources. EisnerAmper LLP will continue to provide commentary, for consideration by investors and business leaders and decision-makers.

1. Greece's Pro-Bailout Party Wins Elections -- Austerity Programs to Be Announced

The leader of Greece's center-right, pro-bailout New Democracy party attained a first-place showing in Sunday's parliamentary elections, promising that unpopular austerity measures "will bring the country back to prosperity." The New Democracy party wants Greece to remain in the EU, and accept and implement austerity programs so as to retain EU standing.

The opposition leader, Alexis Tsipras, of Greece's leftist, anti-bailout Syriza party, said his party's nearly 27% showing forces Greek leaders to realize the bailout "is a nonviable economic plan."

2. Islam Party Wins in Egypt

The Muslim Brotherhood claims its candidate, Mohamed Morsi, has defeated Ahmed Shafik to become Egypt's president. The Islamist group said that 97% of all votes had been cast. More analysis to come regarding the post-election prospects.

3. Developments in Greece and Egypt remain far from conclusive. As a result, long-term decisions should not overweight today's events. Uncertainty and complexity as to long-term economic and business impacts will continue to cause short-term disruptive market volatility.

 

 

Timothy Speiss is the Partner-in-Charge of EisnerAmper's Personal Wealth Advisors Group and Vice President of EisnerAmper Wealth Planning LLC. He chairs our Asia Practice and is a member of the firm’s community service group, EisnerAmper Cares.

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