Equities and Alchemy

Equities and Alchemy


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Buyer Beware

October. This is one of the peculiarly dangerous months to speculate in stocks. Other dangerous months are July, January, September, April, November, May, March, June, December, August and February.
- Mark Twain

6/18/12

Greece poll: Pro-bailout party's narrow win hailed

BBC News - Greece poll: Pro-bailout party's narrow win hailed



Greece poll: Pro-bailout party's narrow win 

Antonis Samaras: ''This is a victory for all Europe''
 

Greek election 

World leaders have welcomed the narrow election victory of Greece's broadly pro-bailout New Democracy party and urged Athens to form a cabinet quickly.

The eurozone group said reforms were Greece's "best guarantee" to overcome tough economic and social challenges. 


The Syriza party, which rejected the bailout terms and came a close second, said it would lead the opposition.


VERY CLOSE: 

With 99.9% of ballots counted, interior ministry results put New Democracy on 29.7% of the vote (129 seats), Syriza on 26.9% (71) and the socialist Pasok on 12.3% (33). 

There are 300 seats in parliament and Greece has a rule that gives the leading party 50 extra seats.
 


New Democracy leader Antonis Samaras said Greeks had chosen to stay in the euro and called for a "national salvation government".



If Antonis Samaras is confirmed in power he will have a stronger opposition breathing down his neck. He will say to Europe that he has anchored Greece in the eurozone and wants something in return. That will be difficult.


Already German Foreign Minister Guido Westerwelle has come out and said that the substance of the Greek reform bailout programme is non-negotiable.

 Where there might be some flexibility is over the timing of the implementation of reforms. There may also be some movement over interest rates on the loans and the EU might offer Greece some funds to boost growth.

But the message is clear; the austerity programme with its budget and spending cuts will stay. 


The German finance minister underlined that message when he said: 

"Greece's path will be neither short nor easy".


 
However, only 40% of voters backed parties that broadly support the bail-out deal with the EU and the IMF.


Tough austerity measures were attached to the two international bailouts awarded to Greece, an initial package worth 110bn euros (£89bn; $138bn) in 2010, then a follow-up last year worth 130bn euros.


  
Read More: 
 http://www.bbc.co.uk/news/world-europe-18482415

Mission:


Poverty, Human Rights, protecting the Environment and working toward Sustainability are Mankind's greatest challenges in the 21st Century.

About Me

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Vancouver Island, British Columbia, Canada
Jennifer believes we live in the garden of Eden and I believe that we are destroying it. Our saving grace is within ourselves, our faith, and our mindfulness. We need to make a conscious effort to respect and preserve all life.