The fund was launched in December 2011.
“Greek voters, after an inconclusive first election on May 6, are preparing to return to the polls with the possibility that a coalition of radical left-wing parties, Syriza, could end up as the largest party in the next Greek government,” said JP Morgan’s Kelly in a weekly outlook.
“Syriza is demanding a complete renegotiation of agreements with the European Union and, if Europe refuses to cooperate, this could set up a chain of events leading to a complete default on Greece’s massive debt and a Greek exit from the Euro,” he wrote. “While five opinion polls released over the weekend show the New Democracy party, having trailed over the past few weeks, is now leading Syriza by an average of 2.5 percentage points, the race is far too close to call at this stage.”
In June, the market could remain choppy as investors speculate on the outcome of the election.
“For Greece, default and Euro exit would be a catastrophe,” Kelly said. “For Europe it would be a disaster and the uncertainty on this issue is helping weaken an already faltering European economy.”
Global X FTSE Greece 20 ETF
