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A glimmer of hope in Greek vote

THE Greek election result is welcome. At the very least the win of the pro-austerity New Democracy party calmed fears of a Greek eurozone exit.

This easing was seen in the euro's rise to a one-month high against the dollar in early trading today.

World powers are calling on politicians in Greece to form a coalition government quickly.

The elections have been cast as a milestone in the debate on eurozone austerity and the euro crisis in general.

The result should not be interpreted as a ringing endorsement of austerity, however. The anti-austerity Syriza took 27pc of the vote, just behind New Democracy's 30pc.

The result buys time for the eurozone. This breathing space must be used to put in a place a stabilising strategy for further fiscal union.

Right now it is still unclear whether it represents crisis averted or simply crisis delayed.