"Secret polls" show New Democracy leading in Greece

Market surges amid rumours of Syriza loss.

A worker adjusts flags before the leader of PASOK speaks. Photo: Getty
A Greek worker adjusts flags before a speech by the leader of Pasok, the party in third place. Credit: Getty Images

Polling in Greece is banned in the two weeks leading up to an election, so we have very little information as to what the likely outcome of the 17 June vote will be. It will definitely be New Democracy, the conservative party, and Syriza, the radical left, in the top two places; and the margin is unlkely to be more than 3 per cent either way. But beyond that, everything is very up in the air.

Business Insider's Joe Weisenthal, however, points out that the Greek stock market has surged today:

He says:

According to Greek stock market participants, there are "secret polls" that show the pro-bailout New Democracy party is leading and likely to win this Sunday's election. Technically, polling is banned for the two weeks prior to the election, but the parties and so forth are still keeping tabs on the mood of the electorate, and these polls can get out. 

Furthermore, Greek betting sites have shown also a spike in bets placed on New Democracy, and this too is seen as evidence of a shift. So traders like the stability of the pro-bailout, conservative New Democracy party over the chaos of the left-wing Syriza party, and thus at least right now are speculating that the status quo wll remain.

All of this is to be taken with the biggest grain of salt possible, of course. It's an inference from an inference – no one is on the record as having actually seen these polls and it's all too easy for a rumour like this to become self-sustaining. But the market is hungry for information from Greece, and any will do.

9 comments

Citric Acid 's picture

the market is hungry for information from Greece. Information about Ascorbic Acid http://www.protexinternational.com

anon3's picture

Greece takes a step towards success tonight! #euros

anon3's picture

Greek takes a step towards success tonight! #euros

M. E.'s picture

"So traders like the stability of the pro-bailout, conservative New Democracy party over the chaos of the left-wing Syriza party"

I guess Joe Weisenthal is kind of biased...

hugh markey's picture

Why get the Greeks out of their right--wing mess. Let them stew awhile.

Platonic Politics

www.barometerbisnis.com's picture

Great... Nice post. it's just nonsense to say that [...] Read More

Lucky Wood's picture

Showing "secret polls" to nervous stockbrokers sounds like a good way to make a few Euros playing the market...

rain's picture

Would a Turkeys vote for Christmas? Let's hope not.

PhilJoMar's picture

I think you could have made your last 'disclaimer' paragraph a lot stronger. Secret polls and a surge in betting are pretty poor proxies for what is happening. I bet you could find some info in the Greek press about the continuing withdrawal of money from the banks...a better proxy for what the people with money are worried about in relation to the coming election result.
Just a thought.

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