The euro rebounded on Monday as investors took advantage of steep losses sustained during two days of dramatic selling, with the final push down to a fresh 11-year low coming after elections in Greece put an anti-austerity government in power.
Following the outcome of Sunday’s vote, the euro hit its lowest against the U.S. dollar since September 2003 at $1.1098 in Asian trading, according to the EBS trading platform EUR=EBS. Greece elected, as expected, left-wing leader Alexis Tsipras of the anti-bailout Syriza party.
Tsipras’s party won 149 seats in the 300-seat Greek parliament, setting Athens on a collision course with international lenders and potentially threatening its place in the euro.
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