One clear message that the Greek electorate sent to their politicians was that they do not want the current coalition to stay in office. The Coalition was hit hard at the polls which must also mean that the Greek people are sick of the EU and its shenanigans.
This morning May 7, 2012, Sky News summed up the results as, "The Socialist Pasok party and the conservatives of New Democracy (ND) secured just 32.4% between them, down from 77.4% in 2009, according to interior ministry figures based on 95% of the vote. The figures leave the two parties unable to form a coalition on their own and makes it extremely difficult for them to implement the public spending cuts agreed in return for bailouts from the European Union, International Monetary Fund and European Central Bank. More than 50 percent of Greeks cast votes for parties opposing the public spending cuts"
With so few votes left to count deals will have to be made. Greece could easily return to the left or far left which will mean an end to Europe's plans for Greece. An exit from the EU is also still a possibility. Some will see this as the Greeks taking the fat of the EU without being held accountable. It was however their leaders who took them down the path to debt. Greeks may have enjoyed some of the fruits of this but how many would have truly realised the implications?
Many Greeks have suffered terribly at the hands of the EU imposed austerity measures. Poverty and unemployment are high which has also fuelled a rise in neo nazis some sections of Greece. The extreme right-wing Golden Dawn party is set to have some seats in Parliament for the first time. Whilst sometimes a coalition offers the people the best of both worlds it can also soon become ineffective. Too many cooks spoil the broth after all.
The incumbent government of Greece had promised more austerity measures to be implemented in June. This was to secure a further bail-out. Now iot could be that all bets are of and it is back to square one. The Greek election may be over but forming a government could take some time or even prove to be impossible.
The markets have typically responded. As the markets opened Greek stocks are falling dramatically following the reported anti-austerity vote by the people of Greece. As usual they "hit a man whilst he is down" Markets falls will add to the woes of Greeks but will also prove that time is short. One way or another a government will have to be formed.
Tags: Greek election, Geece, Coalition, EU, austerity