This Is What The Greek Election Results Mean

TBI ^ | 6-17-1012 | Simone Foxman

[blam]

This Is What The Greek Election Results Mean

Simone Foxman
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.

[tumblindice]

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.

[packrat35]

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.

[vette6387]

“Americans who compare California to Greece aren’t 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!

[Jim Scott]

As former UK PM Margaret Thatcher once said: "The problem with socialism is that eventually you run out of other people's money."

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.

[DB]

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.

[DB]

We are all about to “reach that point”.

[ak267]

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.

[bruinbirdman]

Greece will have to leave EMU whoever is elected

yitbos