Posts Tagged ‘European Union’

European Central Bank

European Central Bank (Photo credit: kumbarov)

The last days we are witnessing a parody without beginning or ending. After the result of the election in Greece last Sunday, which did not result in a strong government, the political parties can’t find a solution to work together for the sake of Greek people.

Coincidence or fate?

The situation for the rest of the Eurozone is not either optimus. Angela Merkel’s conservatives have suffered heavy losses today in the election of Germany’s most populous state. France, Italy and Holland also recently rejected austerity policies. Large protests and minor clashes spurred in Spain, plus a popular opposition is taking shape in Ireland, just weeks before the 31 May referendum on the EU fiscal treaty.

The real world is paying the high priests of austerity an unwelcome visit, as their policies have sucked growth out of the economy, failed to manage debt, dramatically increased unemployment and altered living standards.

Is this leading to the end of euro? According to Paul Krugman yes, as he wrote on his blog before some hours:

«1. Greek euro exit is very possibly next month.

2. Huge withdrawals from Spanish and Italian banks, as depositors try to move their money to Germany.


“The people will choose the forces that lead the way which ensures our country’s stay in the European Union and the euro”. Lucas Papademos, Greece’s interim prime minister, called for snap elections yesterday, opening the way for a contest without a definitive result till the 6th of May…

According to the latest public opinion survey eight parties would enter the next parliament:  Conservative Nea Dimokratia 18,2%, socialist PASOK 14,2%, Communist KKE 8%, Independent Greeks 7%, left SYRIZA 6,2%, Democratic Left 5,9%, far-right LAOS 4%, extreme-right Chrysi Aygi 3,1%.

Furthermore, while the majority of respondents seem to prefer Nea Dimokratia, 24,3% consider ex Finance Minister Evangelos Venizelos(PASOK leader) as the most suitable PM and 23,8% Antonis Samaras (ND leader). Apart from that, 63,3% want a coalition government, while 28,1% want one-party government. The most expected of all is that an overwhelming majority, 84,9%, declare that they will go to cast votes, while 13% say they will abstain from the elections.

The polls reflect the augmented public anger and social unrest against the politicians who approved austerity measures and are perceived as having created the dysfunctional state that lead to the conditions for the debt crisis. In addition, they declare undoubtedly that the two parties in the interim government have lost major support, despite the fact that in the last election of 2009, they polled almost 80%.