Talk:Forum:Cheese/index.php

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A "drachma" is an ancient Greek currency unit and translates as a "handful", which is a lot less than what Greece will need to pay off all its debts.
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The EU and Germany have stressed Greece must keep to the terms of the two EU/IMF bailouts, after a surge of voter support for anti-austerity parties.
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For two years, everyone has been asking what would happen if Greece left the euro and went back to the drachma.
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The two main parties, New Democracy and Pasok, attracted less than a third of the vote, in an election plunging Greece into political uncertainty.
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Now that time may be upon us.  
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Chancellor Angela Merkel said Greece's reforms were of "utmost importance".
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With Greece unable to devalue its currency, the country is hobbled with crippling debt payments it cannot afford.
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New Democracy leader Antonis Samaras will now face a struggle finding parties prepared to join a government.
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Even though it has cut its debt in half, Greece has been subject to much social unrest as five years of recession and bailout-imposed spending cuts have bitten hard.
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With about 99% of votes counted, centre-right New Democracy (ND) is leading with 18.9%, down from 33.5% in 2009.
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Last week, a majority of Greeks voted for parties that want to rip up the country's bailout agreement with the European Union and International Monetary Fund (IMF) - including neo-Nazis.
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New Democracy will try to form an austerity-supporting pro-European coalition government, perhaps with a third party, because it would not gain enough with Pasok to form an absolute majority.  
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The biggest winner was the leftist anti-bailout coalition, Syriza, whose share of the vote more than tripled and who describe the austerity imposed by the bailout as "barbaric".
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But the anti-bailout party Syriza will also try to form an alternative coalition government. There could be a clash of the two - we could be facing fresh elections within weeks.  
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Syriza is among those holding talks about forming a government, one that rejects policies of austerity, and if it comes to pass, a Syriza-led government will definitely not adhere to the terms of the bailout.
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This country is now placed into a period of intense political instability - and by extension the eurozone as a whole.  
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So how would Greece leave the euro?
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A majority of Greeks have voted against the bailout and against the austerity, which will make it very difficult for the EU or IMF to call for yet more austerity here.
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The success of the new-right Golden Dawn party indicates how comprehensive a rejection of the political mainstream, the bailout and austerity there has been.
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The stability and the future of Greece are now in doubt once again. That will bring a lot of dismay to the financial markets and to the eurozone as a whole.
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Euro declines on election results
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A radical left coalition, Syriza, came second with 16.8% and a party of ultra-nationalists - Golden Dawn - polled almost 7%.
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Speaking to reporters on Monday, German government spokesman Steffen Seibert spelt out Berlin's position that "the agreed programmes must be adhered to". He added that Germany would support Athens in returning to competitiveness and financial stability, "whatever its government is".

Current revision as of 14:18, 13 May 2012

The EU and Germany have stressed Greece must keep to the terms of the two EU/IMF bailouts, after a surge of voter support for anti-austerity parties.

The two main parties, New Democracy and Pasok, attracted less than a third of the vote, in an election plunging Greece into political uncertainty.

Chancellor Angela Merkel said Greece's reforms were of "utmost importance".

New Democracy leader Antonis Samaras will now face a struggle finding parties prepared to join a government.

With about 99% of votes counted, centre-right New Democracy (ND) is leading with 18.9%, down from 33.5% in 2009.

New Democracy will try to form an austerity-supporting pro-European coalition government, perhaps with a third party, because it would not gain enough with Pasok to form an absolute majority.

But the anti-bailout party Syriza will also try to form an alternative coalition government. There could be a clash of the two - we could be facing fresh elections within weeks.

This country is now placed into a period of intense political instability - and by extension the eurozone as a whole.

A majority of Greeks have voted against the bailout and against the austerity, which will make it very difficult for the EU or IMF to call for yet more austerity here.

The success of the new-right Golden Dawn party indicates how comprehensive a rejection of the political mainstream, the bailout and austerity there has been.

The stability and the future of Greece are now in doubt once again. That will bring a lot of dismay to the financial markets and to the eurozone as a whole.

Euro declines on election results

A radical left coalition, Syriza, came second with 16.8% and a party of ultra-nationalists - Golden Dawn - polled almost 7%.

Speaking to reporters on Monday, German government spokesman Steffen Seibert spelt out Berlin's position that "the agreed programmes must be adhered to". He added that Germany would support Athens in returning to competitiveness and financial stability, "whatever its government is".

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