Greece's caretaker Cabinet was sworn in Thursday and will lead the country into next month's election, after a deadlocked vote sparked more political turmoil and brought the country's use of the euro currency into question.
And just like that the Santa rally is over, if only in Greece where both bonds and stock are tumbling after the third vote for PM Samaras' appointed presidential appointee Stavros Dimas concluded as many had expected: in failure, with 168 Greek lawmakers voting in favor of Dimas, well short of the 180-vote threshold needed. 132 voted against Mr. Dimas. This means that the "worst case" scenario - at least as described by Goldman - is now on deck: a snap general election that could bring the anti-bailout Syriza party to power.
BRUSSELS: With their country struggling to stave off financial collapse, Greek officials restarted talks with skeptical creditors on a new rescue deal, but showed up Tuesday without the concrete proposals their European counterparts had demanded. Prime Minister Alexis Tsipras' situation is urgent: Without a deal, Greece's banks could go bust within days, the first step in the country's potential exit from the euro currency union. Its banks won't reopen until Thursday at the earliest after the European Central Bank refused to increase assistance.