How many remember the Greek debt crisis? It lasted almost a decade with many pinning the start at October 4th 2009 after the center-left PASOK party won elections while some EU bureaucrats like to claim victory with the last bailout payment which was supposed to arrive in Athens on August 20th of 2018 at which point Greece exited its bailout. Greek finances where a mess and debt-to GDP ratio soared to nearly 180%.During that period, Greece saw GDP contractions almost every year, unemployment soar and incomes shrink.

As more and more deadlines approach and no deal is reached between Greece and its creditors the likelihood of a Grexit, which stands for a Greek exit from the Eurozone, is becoming a very realistic outcome. Forex traders need to monitor the situation very careful as it will have a big impact on the Euro.

Eurocurrency almost daily updates multi-year lows, which suggest themselves a long time but still scary for investors. Another local minimum of the euro tested early on Monday morning, as soon as the news of the events in Greece appeared. These elections frightened by the prospect for a long time but the reality, which is opening now, perhaps looks simply destructive to many traders.

The Greek elections are over and Greek President Papoulias has sworn in Alexis Tsipras as the new Greek Prime Minister.

The euro fell to a 29-month low against the USD on Tuesday, as the announcement of early elections in Greece has caused new aggravation of the political crisis. The ruling coalition on Monday failed to manage in getting enough votes in parliament for its presidential candidate, and, as a result, the country will face early elections next year. Markets fear that the radical left Syriza party could win elections and cancel the agreement on international financial aid to Greece.