Asian markets dip over Europe elections

The election results caused Tokyo shares to drop 2.6 percent in morning trade.

South Korea’s Kospi fell 1.7 percent and Hong Kong’s Hang Seng dipped 2.5 percent while stocks in Australia opened lower as well.

Meanwhile, the euro also dropped to its lowest level since late January and traded at $1.2954 in early trade Monday.

Greece is the epicenter of the eurozone debt crisis, where one in every five workers is unemployed, banks are in a shaky position, and pensions and government salaries have been slashed by up to 40 percent.

The Greek coalition government has adopted spending cuts in order to secure emergency bailout funding from the International Monetary Fund (IMF) and the European Union (EU).

The results of the parliamentary elections in Greece indicated that the voters were deeply unhappy with the spending cuts and tax increases required under the terms of two IMF and EU bailouts.

DB/GHN/HJL

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