Greece crisis: Europe on edge over snap election

[TomandJerry]

Greeks vote on Sundayin an election whose ramifications will be felt far beyond the borders of their country, quite a few in Kolonaki will not be supporting the conservative New Democracy party. Throwing traditional preferences to the winds, they will be voting for Syriza, the radical left anti-austerity party on course for victory and taking Europe by storm.

All over Greece, in middle-class enclaves eviscerated by the effects of austerity, others will be doing the same. “The bourgeoisie is going to play a major role in securing Syriza’s forthcoming victory,” says political scientist Dimitris Keridis, adding that wealthy friends, frustrated by exorbitant property taxes, have joined the band of turncoats. The exodus will be a repeat of the desertion the conservatives suffered when one in 10 voters migrated to the left in last May’s Euro-elections.

After five years of being subjected to the economic brutalities of neoliberal orthodoxy – the price of the greatest bailout in global financial history – Greeks are not the people they once were. Change is everywhere: in politics, financial affairs, the social fabric and states of mind. This election will be the biggest shift of all: a historic turning point in a country that, on the frontline of the euro crisis, has defiantly challenged the prevailing narrative from Brussels and Berlin.

 

[pastafarian]

Greeks vote on Sundayin an election whose ramifications will be felt far beyond the borders of their country, quite a few in Kolonaki will not be supporting the conservative New Democracy party. Throwing traditional preferences to the winds, they will be voting for Syriza, the radical left anti-austerity party on course for victory and taking Europe by storm.

All over Greece, in middle-class enclaves eviscerated by the effects of austerity, others will be doing the same. “The bourgeoisie is going to play a major role in securing Syriza’s forthcoming victory,” says political scientist Dimitris Keridis, adding that wealthy friends, frustrated by exorbitant property taxes, have joined the band of turncoats. The exodus will be a repeat of the desertion the conservatives suffered when one in 10 voters migrated to the left in last May’s Euro-elections.

After five years of being subjected to the economic brutalities of neoliberal orthodoxy – the price of the greatest bailout in global financial history – Greeks are not the people they once were. Change is everywhere: in politics, financial affairs, the social fabric and states of mind. This election will be the biggest shift of all: a historic turning point in a country that, on the frontline of the euro crisis, has defiantly challenged the prevailing narrative from Brussels and Berlin.

The Greeks are a bunch of work shy twats,i hope they vote these left wing anti austerity loonies in,they will be bankrupt in a couple of years and probably cripple the EU. Meanwhile we can mop up their assets when they havnt got a pot to puss in.My bid at £3.50 for Corfu is a winner.

 

[TomandJerry]

The Greeks are a bunch of work shy twats,i hope they vote these left wing anti austerity loonies in,they will be bankrupt in a couple of years and probably cripple the EU. Meanwhile we can mop up their assets when they havnt got a pot to puss in.My bid at £3.50 for Corfu is a winner.

They are saying that they are looking likely to be voted in but without a total majority, meaning they would need to find a smaller anti austerity party, to form a joint party or face chaos

 

[TomandJerry]

Exit polls suggest a historic victory for the anti-austerity Syriza party in Greece's general election.

The polls indicate that Syriza took between 36% and 38% of the total vote, with the ruling New Democracy party a distant second with 26%-28%.

It is unclear whether Syriza has enough votes to govern the country alone.

Syriza's Alexis Tsipras has pledged to renegotiate Greece's debt arrangement with international creditors.

He has also vowed to reverse many of the austerity measures adopted by Greece since a series of bailouts began in 2010.

 

[RexCathedra]

The Greeks are a bunch of work shy twats...

It's good to see that though the Empire may be history, and Britannia no longer rules the waves, the wogs still start at Calais...

 

[Guerrero]

Let's hope the UK does the same and votes against the Draconian austerity measures imposed by Dave on all but his filthy rich mates.

 

[Colossal Squid]

Let's hope the UK does the same and votes against the Draconian austerity measures imposed by Dave on all but his filthy rich mates.

Wouldn't that be nice

 

[Triggaaar]

Let's hope the UK does the same and votes against the Draconian austerity measures imposed by Dave on all but his filthy rich mates.

And we too can be like Greece. Except cold and wet.

 

[Westdene Seagull]

Seats predicted to be between 148 ans 154 ( they need 151 for a majority ). Going to get exciting in the Eurozone !!!!

 

[Westdene Seagull]

And now confirmed that an anti-austerity coalition has been formed. Will the EU and Germany finally get the bloody nose they deserve ?

 

[jakarta]

And now confirmed that an anti-austerity coalition has been formed. Will the EU and Germany finally get the bloody nose they deserve ?

Given previous form no doubt the EU will make the Greeks vote again until they come up with the right answer......

 

[Westdene Seagull]

Given previous form no doubt the EU will make the Greeks vote again until they come up with the right answer......

And the ironic thing about your post ..... before votes were cast the voters were warned by EU officials that they 'shouldn't vote the wrong way' !!! It will be interesting what happens in the Spanish GE in December - hopefully another win for parties that stand up to the EU.

 

[jakarta]

And the ironic thing about your post ..... before votes were cast the voters were warned by EU officials that they 'shouldn't vote the wrong way' !!!

Isn't the EU's version of democracy wonderful....

 

[Buzzer]

And the ironic thing about your post ..... before votes were cast the voters were warned by EU officials that they 'shouldn't vote the wrong way' !!! It will be interesting what happens in the Spanish GE in December - hopefully another win for parties that stand up to the EU.

It's interesting and not in a good way. The new Greek government have explicitly said that the austerity measures imposed upon them by the Troika are in the past but I really can't see the main creditors tearing up any significant part of the loans given the precedent it will set. Experts have said that the Greek economy WILL pick up slightly from this election partly from the feelgood factor and partly because of the Hawthorne Effect but that any recovery will be very short-lived. The Greeks simply can't return to anywhere near where they were with the public sector salaries and pensions. The simple maths makes it unsustainable even if they were not in debt.

My own opinion (which is worth diddly squat!) is that the Greek Government will crash and burn...and badly. At heart they have a Trotskyite agenda that's simply incompatible with membership of the EU and the Euro. I don't know now whether the Germans are in favour of a Grexit or not. The pros are clear - they jettison a basket case economy of a country ruled by communists and Nazis. The cons are that a Greek exit is a part admission of failure of the Grand Project, one of whom's aims was to remove extremism in Europe. Unfortunately for Merkel, it's a lose-lose because whatever happens she, Germany and the EU will be seen as the bad guys for whatever happens (and there are some, myself included who think they deserve that title). This is not a great day for the EU. One of its member states has elected a hard-left Government but the Nazis came third and the party that ruled Greece for the major part of its EU membership has collapsed and become a minor player.

This result WILL encourage anti-austerity parties but also Eurosceptic parties too. I've never been firmer in my belief that the UK will best be served by complete withdrawal from the EU and it's corrupt, self-serving bureaucrats.

 

[Westdene Seagull]

It's interesting and not in a good way. The new Greek government have explicitly said that the austerity measures imposed upon them by the Troika are in the past but I really can't see the main creditors tearing up any significant part of the loans given the precedent it will set. Experts have said that the Greek economy WILL pick up slightly from this election partly from the feelgood factor and partly because of the Hawthorne Effect but that any recovery will be very short-lived. The Greeks simply can't return to anywhere near where they were with the public sector salaries and pensions. The simple maths makes it unsustainable even if they were not in debt.

My own opinion (which is worth diddly squat!) is that the Greek Government will crash and burn...and badly. At heart they have a Trotskyite agenda that's simply incompatible with membership of the EU and the Euro. I don't know now whether the Germans are in favour of a Grexit or not. The pros are clear - they jettison a basket case economy of a country ruled by communists and Nazis. The cons are that a Greek exit is a part admission of failure of the Grand Project, one of whom's aims was to remove extremism in Europe. Unfortunately for Merkel, it's a lose-lose because whatever happens she, Germany and the EU will be seen as the bad guys for whatever happens (and there are some, myself included who think they deserve that title). This is not a great day for the EU. One of its member states has elected a hard-left Government but the Nazis came third and the party that ruled Greece for the major part of its EU membership has collapsed and become a minor player.

This result WILL encourage anti-austerity parties but also Eurosceptic parties too. I've never been firmer in my belief that the UK will best be served by complete withdrawal from the EU and it's corrupt, self-serving bureaucrats.

Agree with everything you've posted there but in particular the last sentence. I'm extremely hopeful the Greek result will take us a step closer to that happening.

 

[Hamilton]

It's a sign!

http://www.bbc.co.uk/news/entertainment-arts-30984851

 

[Tony Towner's Fridge]

The Greek Crisis has just gotten even worse.

Demis Roussos is dead.

Cue the emergence of a cloth fabric mountain .......


TNBA

TTF

 

[Herr Tubthumper]

And now confirmed that an anti-austerity coalition has been formed. Will the EU and Germany finally get the bloody nose they deserve ?

Greece want a partial write-off and restructure of debt, EU, to date, have said there's no negotiation. My gut feeling is a meeting in the middle with no write-off but a sensible restructuring. Greece owes bailout debt to the EU, ECB and the IMF though; I'm sure between Greece and these three everyone will get something close to what they ultimately want. I do not think this is going to be as bigger-issue as many might currently feel. I am also certain this will not lead to a Greek exit which the new coalition seem to agree with from their recent comments.

 

[sten_super]

Greece want a partial write-off and restructure of debt, EU, to date, have said there's no negotiation. My gut feeling is a meeting in the middle with no write-off but a sensible restructuring. Greece owes bailout debt to the EU, ECB and the IMF though; I'm sure between Greece and these three everyone will get something close to what they ultimately want. I do not think this is going to be as bigger-issue as many might currently feel. I am also certain this will not lead to a Greek exit which the new coalition seem to agree with from their recent comments.

I agree with this.

The Troika now have reaped what they have sown. It was clear that the Greek population were not going to put up with such a massive cut in their living standards indefinitely. Regardless of the rights and wrongs of the initial situation (and I don't agree with those that exclusively pin the deficit on work and tax-shy Greeks) it was clear that increasingly punitive restrictions were only exacerbating the problems of the initial recession and financial collapse. Similarly, the current debt:GDP ratio looks impossible to manage without a very healthy level of inflation; given the German reticence towards that bondholder sacrifice of one form or another is seemingly the only option (short of withdrawl from the Eurozone, which is in absolutely no-ones best interests).

 

[cunning fergus]

It's interesting and not in a good way. The new Greek government have explicitly said that the austerity measures imposed upon them by the Troika are in the past but I really can't see the main creditors tearing up any significant part of the loans given the precedent it will set. Experts have said that the Greek economy WILL pick up slightly from this election partly from the feelgood factor and partly because of the Hawthorne Effect but that any recovery will be very short-lived. The Greeks simply can't return to anywhere near where they were with the public sector salaries and pensions. The simple maths makes it unsustainable even if they were not in debt.

My own opinion (which is worth diddly squat!) is that the Greek Government will crash and burn...and badly. At heart they have a Trotskyite agenda that's simply incompatible with membership of the EU and the Euro. I don't know now whether the Germans are in favour of a Grexit or not. The pros are clear - they jettison a basket case economy of a country ruled by communists and Nazis. The cons are that a Greek exit is a part admission of failure of the Grand Project, one of whom's aims was to remove extremism in Europe. Unfortunately for Merkel, it's a lose-lose because whatever happens she, Germany and the EU will be seen as the bad guys for whatever happens (and there are some, myself included who think they deserve that title). This is not a great day for the EU. One of its member states has elected a hard-left Government but the Nazis came third and the party that ruled Greece for the major part of its EU membership has collapsed and become a minor player.

This result WILL encourage anti-austerity parties but also Eurosceptic parties too. I've never been firmer in my belief that the UK will best be served by complete withdrawal from the EU and it's corrupt, self-serving bureaucrats.

Agreed about the wider political ripples, I'm not so sure about the Grexit. The new Finance Minster was on R4 this morning and was a lot milder in his pre election rhetoric and demands on the troika and debt repayment (according to the President of a Greek bank also on the call). This Syzria minister admitted that there had been posturing in the election build in relation to their demands.

It is beyon doubt that both sides want the same outcome, the Germans (and wider EU) dont want Greece out for the sake of EZ integrity and stability, the Greeks want to stay in the EZ for sake of their economy. On this basis I can't think that they wont be able to come to sme kind of fudge that suit both parties.

I think the real damage as you have noted is in the wider EU electorate in that we are looking at the fundamental problem with the euro; which is trying to square the damands of a state's national interests with a proxy federal currency that requires intra Governmental power. Economic unity is worthless unless it sits alongside a coherent political unity.

The reporting of the post election story neatly sums up this dichotomy, in that it has essentially been about how the political leadership of Germany will react to a democractic decision made by the Greek people.

The prognosis will be for more boiled sugar suits all round.