When the votes were in and the Syriza Party was elected and formed a new government, they declared the old bailout agreement cancelled, while requesting acceptance of an extended deadline to the end of May 2015 for the process to negotiate a new replacing creditor agreement with the Eurogroup. However, on February 4th, 2015, the European Central Bank added pressure on Greeces new government by restricting loans to its financial system, making European markets volatile and continuing the wave of uncertainty in the European economy.Then, on February 20th, 2015 it was announced that Greece and the Eurozone nations have agreed a deal to extend financial aid after bailout talks. Additionally, Dutch Finance Minister Jeroen Dijsselbloem, head of the Eurogroup, said that Athens had pledged to honor all of its debts. This created greater ease with traders and it demonstrated the unity of the region and that both parties are taking steps towards resolution.As Greece went to the polls in January, traders were bracing for a volatile reaction in markets. On the surface, Greece may not seem to be a critical component of the European Union. However, any change of government in a region can create a ripple effect on other nations. Since the stability of the E.U. is influenced by all of its member countries, having a radical shift in political ideology could cause change in the value of European indices and stocks.Other market analysts suggested that a change in the Greek government wouldnt make much impact to the markets. Their take on the situation is that while the results of the vote are important for the future of Greece, their broader effects would likely be cushioned both by Greeces isolation from the Eurozone financial system and by other activities the European Central Bank are doing to boost the European economy.However, some analysts felt that the situation in Greece could influence other European countries that are going through economic difficulties, such as Italy, Portugal and Spain. If Greece were unable to pay back its debt and were to exit the Eurozone, there could have a negative impact in the short term as other Eurozone member countries could be skeptical about the future value of euros, leading to possible exits from Portugal, Spain and Italy. If Greece left the Eurozone and other countries started to follow Greeces lead, this could be detrimental for the value of the euro and overall stability of the E.U. as a whole. It, essentially, could have a domino effect on the future state of the E.U.In advance of the Greek election, it appeared that many European stocks, indices and the EUR/USD currency pair were on a downward trend. Following the outcome of the vote on January 25th, the euro hit its lowest against the U.S. dollar since September 2003 at 1.1098. However, once the initial shock subsided, the euro actually increased in value against the U.S. dollar, trading at a value of 1.1248 on January 27th.European stocks, such as French bank Credit Agricole, didnt appear to be influenced by the activity going on with the Greek election, with its stock trading at 11.15 on January 26th and then at 10.98 on January 27th. Market analysts suggested that this could be due to the fact that in the years since Greeces government collapsed, Europes banks had minimized their exposure to the countrys banks and sovereign debt.Market indices appeared to be influenced slightly more with the German DAX declining in value in the days after the results were announced. On January 26th, the DAX was trading at a value of 10,798.33 and it declined to 10,628.58 on January 27th. Since indices are heavily influenced by economic stability, the outcome of the Greek elections and the subsequent effect this has on the European economy, clearly caused the DAX to fall in value. So, it appears that the release of the Greek election results are binary options signals on the value of euro-based currency pairs and European indices.Now that a new government is in power and they have been provided with an extension on their bailout debt, market analysts will be monitoring Greeces ability to implement austerity measures and for it to meet its debt repayment commitments. If you are trying to identify binary options signals on European financial assets, you should pay attention to the financial news surrounding Greece. Although the Greek government has been given a bit of leeway, it will still take them time and effort to dig the Greek economy out of the economic crisis they are in. 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