:00:01. > :00:11.defeated Michael Johnson by one shot.
:00:11. > :00:15.
:00:15. > :00:19.Those are the latest headlines. Now for the latest financial news.
:00:19. > :00:23.Welcome to World Business Report. The headlines: Investors worldwide
:00:23. > :00:33.breathe a sigh of relief as the leading broker bail-out party in
:00:33. > :00:42.
:00:42. > :00:46.Greece wins the election. -- pro- one-month high.
:00:46. > :00:56.The eurozone crisis is far from over - it is expected to dominate
:00:56. > :01:00.
:01:00. > :01:03.the G20 in Mexico. Share markets in Asia are rallying.
:01:03. > :01:09.The euro is rising against most major currencies and safe havens
:01:09. > :01:16.such as gold are falling. This is the immediate reaction to news that
:01:16. > :01:20.Greece's centre-right party has won the election in Greece. The party
:01:20. > :01:24.edged ahead of its leading leftist opponent and will now seek
:01:25. > :01:30.coalition partners to form a new government. This is the result that
:01:30. > :01:33.European leaders were hoping for, but with many Greek voters calling
:01:33. > :01:37.for a breakaway from the severe austerity measures imposed, the new
:01:37. > :01:41.government will be attempting to be sure some easing of the bail-out
:01:41. > :01:47.conditions. In a moment we will go to Greece to talk about what is at
:01:47. > :01:51.stake, but now let's go to Singapore.
:01:51. > :01:56.Well, Asian investors were on edge over the weekend. They were waiting
:01:56. > :01:59.and watching what will happen with the Greek elections. Now we are
:01:59. > :02:05.seeing a relief rally for the Asian markets as a result of the Greek
:02:05. > :02:11.polls. There were fears that the country would stop using the euro
:02:12. > :02:16.currency. This positive vote is set to rub off on Wall Street. The
:02:16. > :02:21.average on futures is up by 62 points, suggesting the market could
:02:21. > :02:26.open higher later today. Now we will look at the major indices -
:02:26. > :02:30.Tokyo, Hong Kong, Singapore, Australia, all in the plus column
:02:30. > :02:33.by 1-2 %. Car manufacturers shipyards, steel makers and
:02:33. > :02:36.commodities. This is still not enough to
:02:36. > :02:40.overcome the loss of key markets this year due to the uncertainty
:02:40. > :02:45.about Greece and its eurozone membership. Japan led the fall this
:02:45. > :02:49.year with an 80% drop. South Korean shares have dropped and Hong Kong
:02:49. > :02:54.is down by 11%. Still a lot of ground to make up despite an
:02:54. > :03:01.optimistic day. The overall sentiment is still one of caution.
:03:01. > :03:04.Thank you for that update on how Asia is reacting. Now let's talk to
:03:04. > :03:10.a professor of economics at Aristotle University. Thanks for
:03:10. > :03:16.joining the us this morning. Good morning. Let's start with the
:03:17. > :03:21.coalition government. Tel us who will form the government. I think
:03:21. > :03:27.Greek people have understood very well that the economic and social
:03:27. > :03:34.problems of Greece are so intense that no-one government, a one-party
:03:34. > :03:38.government, could resolve them. The order of the people is clear -
:03:38. > :03:42.please form a coalition government to solve the problems.
:03:42. > :03:47.This government should be the framework of the European Union -
:03:47. > :03:53.the eurozone. I think that in the near future we will have a
:03:53. > :04:01.government formed by the New Democracy Party, the Socialist
:04:01. > :04:05.Party and a Democratic Left Party, which is a social democratic party.
:04:05. > :04:11.How strong will this government be? These are politicians who are not
:04:11. > :04:21.used to working together and so Reza has said they will remain in
:04:21. > :04:23.
:04:23. > :04:31.opposition. -- Syriza. My opinion is that that party as two ways they
:04:31. > :04:36.can follow. First of all they could become - they could move to the
:04:36. > :04:43.centre to gain the next elections, they could become more socially
:04:43. > :04:47.democratic to cover the space of Pasok. Or they could remain more
:04:47. > :04:52.radical and go back to the small percentage as they used to have in
:04:52. > :04:58.previous years. The Greek political history says a lot about that. I
:04:58. > :05:03.think that in strategic terms, the party would be a more serious
:05:03. > :05:09.opposition, a more at European-type opposition party. I am optimistic
:05:09. > :05:14.about that. Briefly, tell us what the new government hopes to achieve
:05:14. > :05:23.first. We presume they will be asking for the easing of austerity
:05:23. > :05:29.measures put in place by its creditors. I think the new
:05:30. > :05:35.government should ask for more time for the fiscal adjustment of Greece.
:05:35. > :05:43.However, the new government should proceed more rapidly towards
:05:43. > :05:47.economic reforms brought the Great Society. I think the first move, --
:05:47. > :05:50.reforms for the Greek society. I think at first they should sell the
:05:50. > :05:59.Hellenic railways to give a sign that we are finally trying to
:05:59. > :06:05.adjust our economy to become more modern. Thank you very much for
:06:05. > :06:15.joining us. We also had the senior foreign
:06:15. > :06:23.
:06:23. > :06:27.exchange strategist from rather bank. -- RaboBank.... You must
:06:27. > :06:32.consider the headline news with respect to the bail-out that needs
:06:32. > :06:34.to be forged now for Greece. The uncertainties are so huge that no-
:06:34. > :06:41.one at this point that can be certain that his government can
:06:41. > :06:44.sustain. That is one problem. The next problem is, assuming we get a
:06:44. > :06:47.workable government, Greece still has to work out how the bail-out
:06:47. > :06:52.will work for the Greek people. We don't know how long that will take
:06:52. > :06:56.and what exactly will happen. Even if we had a smooth run with
:06:56. > :06:59.government, which perhaps is too much to ask, you still have the
:06:59. > :07:04.problems with respect to Spain. That is not going to go away very
:07:04. > :07:08.quickly. Spain, maybe Italy - they will be extremely topical during
:07:08. > :07:14.the summer months and maybe beyond. Yes, this is a better result than
:07:14. > :07:17.perhaps could have been feared, but it is not the end of the problems.
:07:17. > :07:22.All right, we will talk to you some more in more detail later when we
:07:22. > :07:25.look at today's newspapers about this story. Thank you for your
:07:25. > :07:30.comments now. Jane will be back, because all the papers are covering
:07:30. > :07:33.the results for Greece. Not just Greece, but the results for France
:07:33. > :07:36.with the parliamentary elections there. A lot more later. Let's move
:07:36. > :07:39.on - we have to squeeze in other stories.
:07:39. > :07:43.For political and business leaders are starting a two-day meeting in
:07:43. > :07:52.Mexico. Needless to say, the summit comes at a crucial time. We have
:07:52. > :07:55.more from Mexico. Security guards outnumbered
:07:55. > :08:01.holidaymakers at this resort in Mexico as world leaders started
:08:01. > :08:05.arriving for the G20 summit. There has to be co-ordination. Before the
:08:05. > :08:09.Greek election results came in, one of the key players in the global
:08:09. > :08:16.economy, Christine Large, the head of the International Monetary Fund,
:08:16. > :08:20.-- Christine mudguard. If I can make a suggestion to the G20
:08:20. > :08:25.leaders and those who represent the private sector - be as blunt as you
:08:25. > :08:29.can with the G20 leaders. One of those listening was from the
:08:29. > :08:34.International Chamber of Commerce. He is most concerned about the lack
:08:34. > :08:38.of economic growth. We all joined, joined by trade, investment, all
:08:38. > :08:42.kinds of interests. Yet we have no tools out there to manage a
:08:42. > :08:47.globalised economy. One of the biggest challenges is how to create
:08:47. > :08:52.jobs. With over 75 million young people out of work worldwide,
:08:52. > :08:56.students at this school are nervous about the future. There is a lot of
:08:56. > :09:06.competition, so I think it will be hard. Hard to find a job.
:09:06. > :09:07.
:09:07. > :09:12.TRANSLATION:... This businessman runs a company who makes windows.
:09:12. > :09:16.He was forced to lay off half of his staff. Now he wants leaders in
:09:16. > :09:21.his home town to set aside national interests and work together.
:09:21. > :09:28.believe they need to be open and almost to what the solution is.
:09:28. > :09:31.Everybody has to be less - forget your egos, forget your powers.
:09:31. > :09:35.the next two days, this is where the meetings will take place. When
:09:35. > :09:39.leaders arrive, they will face questions about what actions they