Greek elections are set for June 17th following the impasse of the last election where no majority government formed.
The "Destroy Greece to Save the Euro" clowns led by German Chancellor Angela Merkel are out in force hoping to turn the vote into a direct referendum on the Euro. The election is of course a direct referendum on the Euro, but Greek citizens are under three Fantasyland ideas.
Three Fantasyland Ideas
Preliminary exit polls are not good for the pro-austerity, keep Greece in the Eurozone at any cost coalition as 3 parties vie for top post
An exit poll commissioned by Greek media shows three parties are vying for the top spot in the country's critical parliamentary elections, with no definitive front-runner and none gaining enough votes to form a government.
New Democracy won the Greek election. However, party leader Antonis Samaras still needs to form a coalition.
If this seems like Déjà Vu, it's because it is. We were in the same place following the May election.
Does the Outcome Matter?
This go around, I expect Pasok will reluctantly cave in and form a coalition with New Democracy. The price might be high, such as demanding the much despised Antonis Samaras to step aside.
Regardless, does the outcome matter?
In the past week, as I expected, the ECB, Troika, German officials and others have all warned Greeks to not vote for Alexis Tsipras and his radical-left party Syriza. The question is will it backfire.
I suggest it already has. The pertinent question is whether it backfire enough to matter.
Please consider Greeks rail against 'crude' German editorial.
Official projections in Greece's election show the conservative New Democracy party coming in first. The pro-bailout party could have enough support to form a pro-bailout coalition with Pasok to keep the country in the euro zone.
I am amused by the Financial Times headline Tsipras shrugs off gaffe about Hollande.
When Evangelos Venizelos, the Greek socialist leader, boarded a 7.30am flight to Paris on Tuesday, only his closest aides knew he was on the way to a hastily arranged meeting with the French president.
The opportunity for Greece to tell the Troika to "go to hell" is at hand, if only the political left can stop bickering long enough to form a coalition.
Bailout Rejection Key Demand
Alexis Tsipras (SYRIZA's leader) says he will use all three allotted days to do so. His key demand is a bailout rejection, which would mean a eurozone exit whether that is his intention or not.
Sticking with quotes from the Guardian Live Election Blog, New Democracy leader Antonis Samaras "Will Honour Commitments to the EU".
Samaras summarised his speech in English:
His party would honour commitments to the EU.
It was a victory for all Europe.
A call for all political parties that share objectives to form government.
Sacrifices of Greek people will be reflected.
Throwing Bones to Greece
In the wake of New
Democracy eking out a victory over Syriza in the Greek elections, the
nannycrats are willing to toss a few bones to Greece. For example this
headline on Bloomberg says Euro Chiefs Signal Greek Austerity Softening as Summit Looms.
Only vague references in the article pertain to concessions.