Greek election results: What they mean for Greece, the euro, the EU — and beyond

[Valin]

The Enterprise Blog: James Pethokoukis

June 17, 2012

 

Based on final exit polls, Greece’s New Democracy party will — narrowly — be the leading vote getter in today’s big elections in Greece, edging out left-wing coalition Syriza.

 

Again, this means the Status Quo party (accept the bailout and its condition with some tweaks) has defeated the Stop the Austerity Party (reject the bailout conditions and dare the EU to stop the money) and will have a parliamentary majority. That, of course, if ND successfully enters into a coalition with Pasok , the socialist party.

 

Here is the breakdown based on those exit poll results:

 

– New Democracy 127 Seats

 

– Syriza Party 72 Seats

 

– Pasok 32

 

So a New Democracy- Pasok coalition, which is what’s expected, would get 159 Seats in 300-seat parliament.

 

(Snip)

 

 

More Here Hot Air

 

Walter Russell Mead

 

CBS Market Watch

 

Sure to be more in the morning.

[clearvision]

No reports of rioting?

[Valin]

No reports of rioting?

 

Yet.

[Casino67]

NEW YORK (CNNMoney) -- World markets started the week higher Monday in an initial positive reaction to

Greek elections that put the main pro-bailout party on top.

Japan's Nikkei (

N225) rose nearly 2% in the first minutes of trading and was more than 2% higher an hour later.

[Valin]

@Casino67

 

WSJ: Greeks Back European Bailout

Conservatives Win Narrow Electoral Victory; Early Asian Markets Reflect Relief

CHARLES FORELLE

6/18/12

 

ATHENS—Greek voters broke months of political stalemate by narrowly endorsing pro-bailout forces in a momentous election, easing fears of an imminent rupture with the euro zone—for the moment.

 

The result, giving the pro-austerity conservative and socialist parties enough votes to form a fragile and awkward ruling coalition, won't erase the immense problems that face Greece and the euro zone, both apart and together.

 

(Snip)

 

 

Kicking the can down the road?

[clearvision]

Kicking the can down the road?

Can it be called a "can" anymore. At least a drum...

[Valin]

Point taken

[Valin]

NEW YORK (CNNMoney) -- World markets started the week higher Monday in an initial positive reaction to

Greek elections that put the main pro-bailout party on top.

Japan's Nikkei (

N225) rose nearly 2% in the first minutes of trading and was more than 2% higher an hour later.

 

Treasure that in your book of memories

 

The Greek Election Solves… Nothing

Walter Russell Mead

6/18/12

 

Financial markets staged the usual relief rally overnight at what looked like good news from Europe. It appears that the pro-bailout parties New Democracy and Pasok won a parliamentary majority in Greece, so that if they can agree on a coalition, Greece will have a government that can work with the EU.

 

But these relief rallies have been fading faster as investors grow more skeptical about Europe: the good news somehow never turns into real progress toward fixing the mess. The Greek elections are more of the same and the news wasn’t a day old before the market euphoria died.

 

There are three reasons why the Greek election doesn’t help. First, Greece’s economic problems were overwhelming and insoluble before the election, and they are overwhelming and insoluble now. The bailouts have been large enough to antagonize opinion across Europe, where Greeks are seen as shiftless, incompetent liars — but they are neither big enough nor well enough designed to give Greece a reasonable chance of emerging from its vale of tears in a sustainable time frame. Nothing in yesterday’s vote changes that. Greece is still headed over the cliff.

 

(Snip)

[Casino67]

Hey, it was good for commission earnings.