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FBN’s Ashley Webster with the latest on the hotly-anticipated Greek elections, plus insight into the real estate market in the country.
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And then back to that a hundred degree weather at C Webster in half -- where the Greeks are geared up for election that's being watched all over the world.
So what's the latest -- Yes good question Tracy I think at this point they don't allow polls by the way two weeks before the election so you get these secret poll results of the release but you know nobody can believe -- -- but I think it's pretty close.
Between the -- new democracy a Conservative Party.
And the radical left wing party and is the radical left wing parties three's -- -- that.
Says that if they are elected him form a government they will indeed renegotiate or the terms of the bailout.
And they will not side with any other party that is pro -- that bailout agreement so it's all rather opting the bad and it's unclear at this point whether.
The EU would allow Greece to actually renegotiate the terms I doubt it very much and it could very well be the beginning of the end.
And indeed Greece could eventually be forced out of the eurozone so there is a lot at stake we've seen what's happened in Spain and Italy today as people stop to look to those.
Weaker economies with the Spanish ten year yield now hitting for a short time -- 7%.
And Italians have quality boring rates also heading higher as so certainly a lot at stake here in Athens life is tough there's no doubt about it unbearable as some people say and they don't care what happens they -- -- were under the Euro we're under the drachma it makes no difference life is very difficult.
We actually -- to sit down and find out what the housing market here is like especially the real estate.
In Athens.
I could say that the only type of market we have right now.
Is buyers.
And we have the buyer's market is because there's no cash from.
And because prices more listeners webcast -- they go down so right now it's only strictly a buyer's market.
-- spot prices come down and allow us say two years.
I would say if we look at the residential market to residential markets about 30%.
More -- more or less.
Depending on the area schools because the high end areas are keeping their prices -- -- -- and not going down.
This much is secondary.
Markets.
Areas.
Which states very difficult -- increases very difficult now the banks not financing mortgage loans -- The group did not exist and the banks are -- -- waiting to see what will be happening degree mark so there's no -- -- is buying.
We'll actually.
There are there there's a lot of interest that.
Foreigners are looking and actually the only market that exists right now is that distressed when.
The -- -- didn't opportunity problem.
All opportunistic type of property either residential.
Or.
Commercial whatever is is an opportunity type of market buyer's market this is the only type of market -- -- -- The numbers -- And the police.
Gave me to talk about the euros illuminating because of the -- those values -- come down.
I think this is the main problem that if.
A foreigner owns property means he's really concerned -- thought that the market price.
-- the same because if we do go to the drachma I personally don't believe we'll go to -- But we do go to Jack my prices will -- down to lose more value than expected.
And he was talking about those foreign buyers Tracy and I say exactly well what -- -- -- and he said increasingly.
People from Russia.
There's the Chinese and people from other European countries coming to Greece having a look thinking well maybe there's going to be some cheap property to -- but there's still waiting.
Because they too want to see what happens as far as Greece's future.
In the Euro -- -- by the way Greeks to continue to take money out of the banks of the rate to 750.
-- million dollars per day the national bank agrees that it's okay we've got enough cash on hand to handle it.
If things go odd numbers plan for the elections on Sunday and it appears -- Greece's future will be.
Even more uncertain there is always that -- -- the run on the banks could begin in -- -- hopefully that won't happen but certainly something to keep an -- on Tracy back to you.
Ashley Webster out in Athens at some scary stuff.
Run on banks to talk and crazy things I actually becoming a wall to wall including all the way through to the elections over the course of the next three days.
