Fitch Ratings said the Greek election victory of pro-bailout parties led by New Democracy has removed the immediate risk of downgrades of other euro region nations.

“Fitch will not place all eurozone sovereigns on rating watch negative as it had indicated would be the case if a Greek euro exit were a probable near-term event,” Fitch said in an e-mailed statement on Monday.

The crisis in Greece and the euro area “remains intense,” Fitch said.

“Fiscal austerity and painful structural reform combined with a strong parliamentary opposition led by SYRIZA means that the new Greek government is likely to be fragile.”

Bloomberg -