Greece can't afford another crisis: Former PM

CNBC

Despite fears that Greece is lurching back into crisis after its prime minister called a snap presidential election, the country's former premier told CNBC the decision was a "wise move."

"There is no other way to stability, we must have elections," Costas Simitis, who was Greek Prime Minister from 1996 to 2004 leading the left-wing PASOK party, told CNBC.

Simitis' comments come after Samaras, surprised investors by announcing a snap presidential vote late on Monday. The decision caused turmoil in Greece's financial markets Tuesday, with the country's main stock market plunging nearly 13 percent during the day—the worst loss since 1987—while the yield on Greek 10-year government debt rose to 8.15 percent.