Conservatives win Greek election

[steven lloyd]

Interesting turn of events ...

Conservatives win Greek election
Jun 17, 2012 / 3:00 pm

The conservative party that backs keeping Greece in the eurozone won the country's national election Sunday and immediately proposed forming a pro-euro coalition government, a development that eased, at least briefly, deep fears that the vote would unleash an economic tsunami.

As central banks stood ready to intervene in case of financial turmoil, Greece held its second national election in six weeks after an inconclusive ballot on May 6.

The vote was seen as crucial since it could determine whether Greece would leave the joint euro currency, a move that would have potentially catastrophic consequences for other ailing European nations, the United States and the entire global economy.

With 66 per cent of the vote counted, official results showed the conservative New Democracy winning 30.1 per cent of the vote and 130 of the 300 seats in Parliament. The radical anti-bailout Syriza party had 26.5 per cent and 70 seats and the pro-bailout Socialist PASOK party came in third with 12.6 per cent of the vote and 34 seats.

Syriza chief Alexis Tsipras, who had tapped into a vein of deep anger over the plunging living standards faced by many Greeks, had wanted to rip up Greece's international bailout deals and roll back the new taxes, job cuts and pension cuts imposed in the last two years.

That plan will have to wait, since the party that comes in first, New Democracy, gets the first stab at forming a new majority in Parliament. If they fail, the next highest party gets to try.

Tsipras congratulated Samaras and conceded the election.

The head of Greece's socialist PASOK party, meanwhile, proposed that a unity government be formed of four top parties, including Syriza despite its anti-bailout views.

PASOK's Evangelos Venizelos, who spent months negotiating bailouts as Greece's finance minister, suggested dumping the usual procedure of each party seeking coalition partners. He said a government must be formed quickly and suggested one between New Democracy, Syriza, PASOK and the small Democratic Left.

"There is not one day to lose. There is no room for party games. If we want Greece to really remain in the euro and get out of the crisis to the benefit of every Greek government, it must have a government tomorrow," Venizelos said after results were announced.

Greece has been dependent on rescue loans since May 2010, after it was locked out of the international markets following years of profligate spending and falsifying financial data. The spending cuts made in return for the bailout loans have left the country mired in a fifth year of recession, with unemployment spiraling to above 22 per cent and tens of thousands of businesses shutting down.

The austerity measures have included deep spending cuts on everything from health care to education and infrastructure, as well as tax hikes and reductions of salaries and pensions.

http://www.castanet.net/edition/news-st ... .htm#76690

[Captain Awesome]

...something tells me it won't change their situation at all

[Popeye69]

So Greece limps on. Here come the never ending bailouts and the slow and steady spiral to the bottom for the Eurozone. Greece doesnt want to deal with austerity measures, yet wants to be in the Euro Union. I predict many more bailouts for Greece. Spain and Italy will further decline, the continued lump sump payouts will eventually become common place and the Euro will become worthless. Countries will eventually start backing out once this happens, especially countries with an intact economy. The failed experiment that is the European Union will come to an end all because of greed and excess. For the Union to go on the way it is, is not fair to the countries towing the line thus will be the basis for the collapse in my opinion. Greece should leave or be kicked out. It would hurt at first but the Union would save billions in future bailout money and can focus the money on worthwhile economies worth saving. Dont be fooled folks we havent hit the recession yet. Eurozone can rip the bandaid off fast and deal with it now or bleed out slow like its doing and just delay the inevitable.

[steven lloyd]

Greece doesnt want to deal with austerity measures, yet wants to be in the Euro Union.

Maybe I'm not understanding something, but I thought a Conservative victory was an indication the people of Greece (at least the majority of those who voted) are supporting austerity measures.

[Smurf]

I guess a big part of the problem Steven is that even thought they won the seats they did not do it by an actual majority of the number of voters. So there can easily still be a large majority of the people who disagree with it. That is the same problem we have here. I guess there is something to be said for only having two parties, but can you imagine only having the Liberals and the NDP.

[The Green Barbarian]

. That is the same problem we have here. I guess there is something to be said for only having two parties, but can you imagine only having the Liberals and the NDP.

Smurf:

This is the only way I can imagine that scenario:

[Queen K]

...something tells me it won't change their situation at all

It won't. Same debt load, same expectations and same arguing and hitting opponents in their way. The thing is Europe kinda deserves some grief in my opinion, with Greece and Spain. The way I see it is that Europe excepts Greece and Spain to be their CHEAP playground for their vacationing pleasure. In order for the resorts and beaches to be affordable, the labour has to be super cheap, the food and drink has to be, and the entertainment too. Degrade a working class long enough into slave labour and this is what they get.

[Homeownertoo]

A victory by the economically illiterate Syriza coalition of radical leftists (anyone surprised?) may have been the preferred outcome, paradoxically. Now Greece faces an indeterminate period of trying to make continued membership in the eurozone work, when that is the last thing it needs, rather than peremptory ejection following a refusal (by Syriaz) to commit to further austerity. I say so because Greece is essentially a third-world economy trapped in the folly of maintaining EU standards/directives/inefficiences while it attempts to compete with other third-world economies that face no such burdens. I doubt that anyone really believes it can work; the best they hope for is to postpone failure until responsibility for it can be passed onto someone else.

[The Green Barbarian]

A victory by the economically illiterate Syriza coalition of radical leftists (anyone surprised?) may have been the preferred outcome, paradoxically. Now Greece faces an indeterminate period of trying to make continued membership in the eurozone work, when that is the last thing it needs, rather than peremptory ejection following a refusal (by Syriaz) to commit to further austerity. I say so because Greece is essentially a third-world economy trapped in the folly of maintaining EU standards/directives/inefficiences while it attempts to compete with other third-world economies that face no such burdens. I doubt that anyone really believes it can work; the best they hope for is to postpone failure until responsibility for it can be passed onto someone else.

well said. I was thinking along the same lines - ie Syriza is an idiot, and being a leftist that by default makes him an idiot, but still, this is one time an idiot leftist, tanking their economy into oblivion on a fast-track to socialist hell, may just be preferable to dying a slow death under people trying to turn that sinking ship around, only to fail anyway.