As world leaders arrived in Mexico over the weekend in preparation for the G20 Summit and a possible emergency meeting by the G7 pending the Greek elections, new leaders and governments were established.
Islamist Mohamed Morsy led the election and by just over 50% against his former air force general counterpart Ahmed Shafik in Egypt. Shafik has been rumored to be challenging the results of the recent vote, but it really does not seem to matter who won, as SCAF, Supreme Council of Armed Forces made political manuvers that allows the military to keep control regardless of who takes power.
Greece seems to have voted to stay with the Euro…honoring it’s debt obligations, as Antonis Samaras New Democracy comes out on top. This was a welcome direction taken by the Greek people, as markets are reacting slightly positive to the news. Precious metals have been somewhat flat in early morning trading. It will be interesting to see what the Americans will do when the opening bell rings and class begins session.
Keep in mind the G20 will be making decisions this week, along with the US Federal Reserve meeting on Tuesday and Wednesday of this week.
Official news reports;