Supporters of Bailout Claim Victory in Greek Election

[Lasher]

Source: The New York Times

ATHENS — Greek voters on Sunday gave a narrow victory in parliamentary elections to a party that had supported a bailout for the country’s failed economy. The vote was widely seen as a last chance for Greece to remain in the euro zone, and the results had an early rallying effect on world markets.

Greece’s choice was also welcomed by the finance ministers of the euro zone countries, who in a statement on Sunday night in Brussels said the outcome of the vote “should allow for the formation of a government that will carry the support of the electorate to bring Greece back on a path of sustainable growth.”

While the election afforded Greece a brief respite from a rapid downward spiral, it is not likely to prevent a showdown between the next government and the country’s so-called troika of foreign creditors — the European Commission, the European Central Bank and the International Monetary Fund — over the terms of a bailout agreement. Even the most pro-Europe of Greece’s political parties, the conservative New Democracy, which came in first, has said that a less austere agreement is crucial to a country where the unemployment rate is 22 percent and the prospect of social unrest is rising.

Read more: http://www.nytimes.com/2012/06/18/world/europe/greek-elections.html?pagewanted=all

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Related LBN threads:

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[KamaAina]

1. Greece is Greek for Wisconsin

Again we lose by percentage points.

[hrmjustin]

2. Well we shall see if this little experiment of austerity works.

[MightyOkie]

4. I'm really worried for the needy and the helpless.

Praying for them.

[naaman fletcher]

6. of course it won't, but this is Greece's fault.

We can argue all we want about what got Greece into this mess. However, it is still Greece, not Germany, that got Greece into this mess.

Now, Greece can't pay it's bills. It should follow the Argentina model and default. However, the Greek elite want to keep the gravy train for themselves coming, so instead they ask Germany to borrow more money.

Germany rightfully says "Why the hell should we loan you more money unless you show that you can pay it back?"

The loser in all of this will be the Greek people unless Greece just defaults Argentina-style. However, the Greek elite are all in one way or another on the payroll of the big banks, so they are trying to do everything except default.

[DallasNE]

3. Now Comes The Hard Part

This election was described as being decided on the choice between hope and fear and that fear came out on top.

But is solves nothing because "it was unlikely that the election results would persuade Greece’s European lenders to extend loans without economic reforms and drastic spending cuts". In fact the next deadline for a plan to cut another 5% on spending is the end of June with implementation within the next 100 days. Unemployment is already 22% and cuts this deep can only make unemployment much worse. The insanity must stop. It will be interesting to see how this week's G20 meeting in Mexico responds to this election news because social unrest is real threat depending on what transpires.

Frankly, with Spain and Italy just around the corner I'm not seeing how the current leadership team in Europe is equiped to deal with the problems because they have so much invested in the current failed policies. They may be temped to double down and that would be the worst possible outcome with them misreading how much fear actually drove the election results in Greece. I am not optimistic for a good outcome, but let's see what comes out of the G20.

[Ken Burch]

5. a rigged election decided by unjustified and anti-democratic foreign economic pressure

on the voters of Greece, pressure that produced a parliament elected under an unjust electoral system(a system that gives a 50 seat bonus to the party that wins the popular vote-even if they win the popular vote(as in this case)by a pathetic 2.5% margin.

The workers, students, pensioners and unemployed of Greece have every right to launch a full-scale revolution in response to this illegitimate result...and the U.S., if it is to retain the right to be called a decent society, should feel obligated to stay the hell out of the way.

Also, I strongly hope that the workers of Germany will now rise against Angela Merkel, an arrogant despot who did all she could to coerce this result, a result that will bring misery to the non-millionaire majority of Greece, NONE of whom have done anything to deserve it.

This is NOT over.

?ύ???? ????? ????ώ????!

[dipsydoodle]

7. If the workers of Germany rose up against Merkal

they'd more likely put a complete stop to Germany bailing out others. Germany's strength has a background of long periods of austerity there and their attitude is "we managed - let others do so."

[ag_dude]

8. You don't know many Germans do you?

[Odin2005]

9. + Infinity!

[AnotherMcIntosh]

10. Can elections be rigged in Greece?