Borrowing costs in Greece continued to surge on Wednesday, with the yield on 10-year government paper rising back above 10%. The yield rose 59 basis points to 10.122%, according to electronic trading platform Tradeweb. Meanwhile, the Athex Composite stock index dropped 4.3% to 750.23, extending losses into a third straight day. The weakness in Greek assets comes after radical, far-left Syriza won Greece's general election on Sunday, stirring concerns that the new government could put an end to reforms agreed with international lenders as part of the country's bailout program. On Wednesday, Prime Minister Alexis Tsipras held his first cabinet meeting with the new government, telling ministers that "we will push for debt relief," according to the Guardian. The Tsipras administration also announced plans to freeze privatization plans of the country's dominant power utility PPC and Piraeus Port, the country's biggest port. The moves are seen as the beginning of unravelling parts of the bailout agreement.
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