Skip to comments.Greek Vote Could End In A Nightmare Scenario Stalemate
Posted on 06/17/2012 5:30:50 AM PDT by blam
REPORT: Greek Vote Could End In A Nightmare Scenario Stalemate
June 17, 2012
ATHENS, GREECE -- An FT report saying that the Greek vote is set to end in "stalemate" is the buzz of the moment.
The gist is that the election could have a nightmare outcome, where still no party captures enough support so that a coalition government might be formed.
Remember, the whole reason Greece is voting right now is because this is what happened at the May 6 election.
But people here have been skeptical of this outcome. For one thing, the assumption is that the major parties will see some sort of coalescing of the vote, as voters who voted for fringe candidates last time choose between the majors. Beyond that, the pressure internally and externally to form a government fast is immense.
The FT report is probably accurate that neither of the top two parties (SYRIZA or New Democracy) can clear 30%, but if New Democracy and PASOK (the old mainstream liberal party that's been relegated to 3rd party status) can get a combined 37% or so, they should be able to sneak into government. There are 300 seats in the Hellenic Parliament, and a coalition government would need 151 seats, but remember that whoever comes in 1st place gets a bonus 50 seats, which makes it so that nobody needs a real numerical majority of the popular vote.
Anything's possible, and we'll know more in just a few hours (12:00 PM ET is when the first exits come out), but... this probably isn't the base case.
The most likely outcomes are: New Democracy wins and is able to cobble together a weak government or SYRIZA wins, and threatens to torpedo the entire bailout process.
(Excerpt) Read more at businessinsider.com ...
The sun will still rise in the east tomorrow. This too shall pass.
And Egypt is voting today? Are they gonna elect the guy that wants to send 2 million martyrs to retake Jerusalem?
Not that I’m expecting Egypt to improve anytime soon, mind you.
June 16, 2012
This is over the top.
Hundreds of employees in the United States at big firms, some part of special teams, will be on standby this Sunday, awaiting the results of Greeces pivotal election. They are preparing for the worst case. The fear is that the vote will heighten the chances of Greece exiting the euro and the global financial system will be shaken when the markets open on Monday, says NYT.
According to NYT, in New York and London, banks have set up dedicated crisis teams, and rehearsed elaborate responses. As clients get nervous, banks have been guiding clients on how to react to a range of situations, from just one country leaving the euro zone to the dissolution of the euro itself.
Are you nervous about the Greek election?
This is pure nonsense. It's NYT and the banksters setting up justification for a U.S. role in "stabilizing" the eurozone.
Good grief - their parading about with Che on their flags?
No wonder they’re in trouble
I think all the hand-wringing over Greece is kabuki theater. The forces to keep the Euro alive are tremendous and as one German politician said, it doesn’t matter how the Greek people vote, they gotta comply.
When the vote says that they stay in, there will be the usual “THAT problem is solved!” cheers from the bankers - as they arrange for yet another taxpayer-backed loan.
The Greek conservatives and socialists can no longer put together a pro-EU government. Greeks have been sold on the notion they don’t have to tighten their belts and stay in the euro.
That is an illusion. Of they can opt for bankruptcy, which will take them outside the EU. But then Greece will not be able to get any international loans and be able to pay its bills.
If Greece wants to commit national suicide, the rest of Europe would shrug its collective shoulders and move on. Greeks shouldn’t pretend they’re that indispensable to Europe if they reject the bailout terms to which they have agreed.
nothing like a nightmare that's still there when you wake up.
Iceland did ok after going bankrupt.
Yeah, all 9000 people and 67 businesses.
Plus the only immigrant problems there tend to be polar bears.
It's about a Spain exit, but applies to a Greek exit also.
Thanks, can’t read at the moment but will be back later.