As we write this morning we now know that Greece will hold new elections in 3-5 weeks after Greek parties have aborted any attempt of forming a coalition government. What we all thought would never happen; it is now battering the global markets.

Greece it seems is now moving closer to the abyss, immediate consequence for the country will be new elections within the next three to five weeks, a time-horizon wide enough to deepen the political and economic crisis and maybe to start planning a new life in drachmas.

The Bank of England Governor Mervyn King is now looking set to leave the door open to more support for the struggling economy. The Bank of England’s new economic outlook is being presented today, which is likely to show a tricky mix of lower growth and higher inflation ahead.

Over night we saw the EUR/GBP rise to 0.8012 due to better than expected German GDP data. However, it was not long before they were giving up those gains later in the day on news that another Greek election is in the pipeline, falling to a fresh multi-year low of 0.7951 as GBP is a relative safe-haven amid the EUR storm.

Germany seems to be holding up the Euro zone at the moment as it helped the Euro zone avoid its second recession in three years. Overall gross domestic product stagnated in the first three months of 2012, compared to the previous quarter, Eurostat data showed on Tuesday.

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