Skip to comments.This Is What The Greek Election Results Mean
Posted on 06/17/2012 9:29:14 AM PDT by blam
This Is What The Greek Election Results Mean
June 17, 2012
The first exit polls are out in Greece, and it looks like New Democracy is in the lead, albeit by a tiny margin.
While these are just early results, this could bring either a huge sigh of relief to Europe--or another disastrous deadlock.
If New Democracy is able to hold out in front as more results roll in, it will get a 50 seat bonus. Then it's all up to PASOK to win enough support to allow the two pro-bailout parties to form a coalition.
Good news is that PASOK may just have won that support...barely.
Bad news is that ND's lead is razor thin--just 0.5 percent ahead of SYRIZA in the exit polls.
Different polls out of SKAI TV even suggest that SYRIZA is actually in the lead by a 0.5 percent margin.
If ND is unable to come in first place, then SYRIZA would receive the 50-seat bonus, making it difficult for PASOK and ND to form any kind of coalition.
We'll know more as updated polls roll out.
(Excerpt) Read more at businessinsider.com ...
Democracy, bailout, razor-thin coalition. Frankly, none of these words are comforting. In fact, they scare the sh!t out of me because I know European banks/governments will be force to kick the can down the road (eventually, with Obama’s unauthorized support).
I expect that whatever government is put up, it will be at the behest of a bunch of pampered people living off the largess of the actual part of Greece that produces something.
Direct Link to official votes. None reported yet.
“I expect that whatever government is put up, it will be at the behest of a bunch of pampered people living off the largess of the actual part of Greece that produces something.”
There are those here on FR who are anxious for California to be “swept away.” Why don’t you have the same feelings about Greece? Let’s be honest, California is far more important to the US and yet, I don’t see a groundswell here to let Greece be “swept away.” The other question is, just what does Greece produce? Ouzo, Olive Oil, what? Greece has been living off the rest of the world since WWII. Time for them to face their own mess themselves ( as California is finally being force to do).
Personally the EU can’t die fast enough for me. It was a bad idea from the get go.
Bravo! Good post :-)
Where did I say that I expect Greece will do well? I expect that it won't bode well, except that various solutions will only forestall the real problem...There really isn't a scenario, other than total abandonment of Greek support and self-deserved debt, that would lead me to believe they will succeed in any fashion close to what they enjoy now.
California? As much as it may p!ss off Californians, I don't really care, as long as the rest of this country doesn't have to pick up the tab. California can reap what it has sowed. Reconquista, but with a caveat....reconquista all you want, but don't expect the rest of us to pay for it.
What you said! California is counting on a federal bail-out.
No way, Jose!
Greece is insolvent, so is California: neither is “too big to fail.”
The debt, along with all of the banks that own the debt go sliding right down into the sea. And they will take a dozen or so large European banks with them. And they in turn take a couple of large us banks with them.
It’s all about credit default swaps.
In the trashcan. They will repudiate their debt and start over with a very weak (i.e. cheap) currency to attract speculators to their new debt.
why, to the bankers who insured the debt holders against default, aka selling and buying those “credit default swaps”
their (our) exposure is a couple ...oh maybe tens ... of trillions worth...or more
Paging Goldman Sachs, JP Morgan, Morgan Stanley et al... please pick-up the red phone. Anyone seen Jon Corzine lately?
(PS: This is why the US is not going to let this happen. GS owns Geithner and probably most of the US congress, both houses, both parties)
That’s pretty much the case but with one extra step. Greece’s debt isn’t large enough to take out the banks. But the PIIGS as a whole are enough to wipe out a lot of banks in France and Germany. Greece is just one domino but they don’t want it to fall.
Americans who compare California to Greece aren’t too bright.
California has 10% of the US population and economic output.
The federal government is spending a trillion dollars a year more than it takes in. For California to be in a similar situation it would have to be running more than $100 billion in the red each year and have $1.4 trillion of debt.
The fools who point to California and say it sucks to be you ha, ha are too stupid to realize the entire US is Greece - not any one state. It doesn’t matter what state you are in, the federal government is bankrupting all of us. California is a piker compared to the federal government and the federal government does it in all of our names.
“Personally the EU cant die fast enough for me. It was a bad idea from the get go.”
I’ll second that emotion. Its the seat of the New World Order. Kill it and put a stake in its heart.
I agree I've always been amazed at the Europeans appetite for bureaucrats to rule their lives. It's a disease that has spread its tentacles too deeply here in the USA.
The longer the EU struggles to survive the worse the repercussions (at least that's my fear).
You’re right about the USA, under Obama, being a gnat’s eyelash from bankruptcy.
But my state, Indiana, managed to balance its budget.
Your state, California, is `Mini-me’ to the US `Dr. Evil.’
The `Golden’ state is faced with being unable to make payroll.
Like the USA, it is also close to bankruptcy. Like Greece, the US and CA are “insolvent”: their debts overwhelm their assets.
The rest of us shouldn’t have to explain to you what our 8 year olds understand: you can’t buy a comic book, a candy bar and a soft drink if you only have one thin dime in your pocket.
The rest of us shouldn’t have to pay for your state’s fiscal irresponsibility. It does suck to be you.
Actually I have the same opinion of both California and Greece. They both need to collapse as soon as possible. To delay the inevitable, only prolongs the pain and makes it worse long term.
“Americans who compare California to Greece arent too bright.”
Thanks DB. as a 71 year old life-long Californian I appreciate your comments. Sure we are in the grips of a RAT infestation, but they, like the Zebra, are about at the end of their string and are grasping at budgetary straws to try and make the voters think that things are getting better when they are, most decidedly not. The recent votes against PE union pensions in San Diego and San Jose are the bellweather of what’s in store for the union RATs and their enablers in the state legislature. There just isn’t anywhere left to hide for them!
The socialist nation of Greece and the socialist-run state of California are about to reach that point. Suffice it to say: it won't be pretty.
You make the perfect example of my post.
You say your state is doing fine while drowning in a sea of federal debt... As if somehow you are insulated from the federal government going bankrupt...
Denial is a powerful force.
We are all about to “reach that point”.
If Greece opts out (or is forced out) of the Euro, where does its debt go?
The other EU countries will have to pick up the tab in one form of the another.
If Greece stays in the EURO, the helping countries will loan out money to Greece at low interest rates but must borrow the money themselves from the EU bank (or IMF) at higher rates! INSANITY! Expect a similar format for Portugal, Italy, Ireland and Spain. In the end, they’ll all owe their butts to the EU Central Bank.
When they all go bust, the vultures step in and buy up national assets at fire sale prices. A perfect crime.