STOCKS CLOSE SLIGHTLY UP, DESPITE GREECE COALITION

(20 Jun 2012) STORYLINE The Greek coalition deal had little impact on the German stock market, with the Dax only 0.50 percent up, closing at 6,392 on Wednesday. Greek conservative leader Antonis Samaras was sworn in as prime minister on Wednesday after three parties agreed to form a coalition government, ending nearly seven weeks of political uncertainty which threatened to plunge Europe deeper into a financial crisis with global repercussions. The development is expected to calm fears that a protracted political crisis in debt-struck Greece could have led to the country being forced out of the joint European currency. But in the longer term, concerns remain over how well the government will be able to govern and push through new austerity reforms. Germany must shoulder a large share of the contributions to bail out economically weaker European countries that overspent for years. In exchange, Germany has been insisting on steep cutbacks from aid recipients. Those cutbacks have led to dramatic economic hardship for voters in Greece and other countries. A growing number of European countries have been advocating spending and growth, not austerity. Among international countries, Germany makes the second biggest IMF contribution at 54.7 (b) billion US dollars. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/89b71728e4476380f0557b661de01992 Find out more about AP Archive: http://www.aparchive.com/HowWeWork