Greek Voters Back Bailout – Conservatives Win Narrow Victory
Posted by Jim Hoft on Sunday, June 17, 2012, 8:06 PM
Voters in Greece backed pro-bailout forces in today’s elections easing fears of a euro zone rupture.
The Wall Street Journal reported:
Greek voters broke months of political stalemate by narrowly endorsing pro-bailout forces in a momentous election, easing fears of an imminent rupture with the euro zone—for the moment.
The result, giving the pro-austerity conservative and socialist parties enough votes to form a fragile and awkward ruling coalition, won’t erase the immense problems that face Greece and the euro zone, both apart and together.
But the showing by the conservative New Democracy party, which came in first and has pledged to continue cooperating with Europe, was enough to skirt two outcomes policy makers and investors feared far more: a win by the anti-bailout leftist Syriza party, or a confused muddle that left Greece hobbled by political infighting.
“Among the realistic scenarios, it is the best case,” said Alberto Gallo, head of European macro credit research at Royal Bank of Scotland in London. “It buys Greece some time to negotiate.”
Analysts expect markets to turn positive Monday, in relief that the euro zone’s crisis didn’t end in calamity Sunday. Past rallies on favorable news, however, have often faded quickly or reversed in recent months.
European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy celebrated the election results.
The BBC reported:
Today, we salute the courage and resilience of the Greek citizens, fully aware of the sacrifices which are demanded from them to redress the Greek economy and build new, sustainable growth for the country.
We will continue to stand by Greece as a member of the EU family and of the Euro area.
We look forward to work with the new government and to support the continued efforts of Greece to put its economy on a sustainable path.
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Blacque Jacques Shellacque commented:
I suspect they’re not out of the woods yet.
There’s still riots and civil disobedience that the opposition can carry out, because when leftists lose an election, that’s usually not the end.
bg commented:
++
bit more here:
June 17, 2012
Pro-Bailout Parties Take Majority in Greek Elections
[The New Democracy party came in first in Greece's 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.
Sunday's vote was seen as crucial for Europe and the world, since it could determine whether Greece was forced to leave the joint euro currency, a move that could have potentially catastrophic consequences for other ailing European nations and the global economy. 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.
With 37.4 percent of the vote counted, official results showed the
conservative New Democracy with 30.5 percent of the vote, ahead
of the radical anti-bailout Syriza party's 26 percent and the pro-
bailout Socialist PASOK with 12.9 percent.
Although official projections late Sunday showed that no party
will win enough seats in the 300-member parliament to form a
government on its own, Greece's two traditional parties — New
Democracy and PASOK - will have enough seats to form a coalition
together.]
==
The Elector of Saxony commented:
They won’t be able to stand austerity for a minute. Generations of socialism, handouts, freebies, guarantees, and cradle to grave care destroys the moral fiber of nations. Europe couldn’t sustain a 15 minute war against an equivalently-armed foe today, and yet they fought the Nazis at a cost of millions of lives and exhausted national treasuries. No, Europe will have to fall into the abyss before it can rebound. This would be a stopgap measure at best. People used to months of paid vacation, years of sick leave, generous disability allowances that include travel and holiday money are unlikely to want to work all year for reasonable wages with only a week or two of vacation that they have to pay for themselves. Can you imagine if they have to make a copay for medication? They’d all faint dead away…and then riot.
We are now quite near that point ourselves. I think we could turn the ship around, but we’d have to elect Paul Ryan as President, and he’d have to be cloned 535 times to populate the Congress.
ilikai commented:
I still think that Greece is too far in debt and all any bailout will do is stall the coming crash that the country will suffer.
GotFreedom commented:
Another great article/perspective for everyone’s consideration (before we all breath a sigh of premature relief):
“Greece wants the euro but doesn’t want the austerity. How much longer can this go on?”
http://blogs.telegraph.co.uk/news/danielhannan/100165822/another-non-result-in-greece-how-much-longer-can-this-go-on/
Wish Mr. Hannan was one of our politicos or at the very least, an inspiration to some of those here in the US!
Nina commented:
#5 June 17, 2012 at 9:08 pm
The Elector of Saxony
You said it! I’ll repeat it.
hey won’t be able to stand austerity for a minute. Generations of socialism, handouts, freebies, guarantees, and cradle to grave care destroys the moral fiber of nations. Europe couldn’t sustain a 15 minute war against an equivalently-armed foe today, and yet they fought the Nazis at a cost of millions of lives and exhausted national treasuries. No, Europe will have to fall into the abyss before it can rebound. This would be a stopgap measure at best. People used to months of paid vacation, years of sick leave, generous disability allowances that include travel and holiday money are unlikely to want to work all year for reasonable wages with only a week or two of vacation that they have to pay for themselves. Can you imagine if they have to make a copay for medication? They’d all faint dead away…and then riot.
We are now quite near that point ourselves. I think we could turn the ship around, but we’d have to elect Paul Ryan as President, and he’d have to be cloned 535 times to populate the Congress.
Tim in Cali commented:
By nature ,Socialist are inept at life
What Socialist want to know now is,who’s going to provide all our free stuff now?
Lee commented:
This is all very nice, but unless they reform their entitlements and change their spending habits it will all be for naught.
atticcellar commented:
This election was fixed! The banksters are in control of all elections where there is a Rothschild controlled central bank. They own the machines, software, and politicians.
stuart commented:
Fixed election or not, the Greeks are still screwed, as is most of the EU. The Greeks merely kicked the can down the road once again. They should be allright for about two months or so then its Katie bar the door. Ditto for Italy, Spain, and Portugal. Their collapse should pull down the Frendh, who, under new Socialist leadership is actually commencing an anti austerity program to pacify its unions.
Here’s a fate that could befall us.
Deutchland, Deutchland, Uber Allis.
Have a nice day Europe, it was good knowing you.
CommieJuice commented:
CONGRATS Mr. President! The Original TEEBagger. What a glorious achievement! You da man! 5 hours per round average x 100 rounds = 500 hours or 21 whole days of TEEbagging on the taxpayer’s dime. That is leadership right there! The joke is on us of course, the ones who pay for his triple digit outings, all this golfing and 0bama still hooks his ball to the left further than any other so-called president. *Golf clap* on his laser like focus on jobs.
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