Monday 18 June 2012

A tight Fight in Greek parliamentary Election now

Dear Friends,

Now I am watching CNN on the election. Tight fight now between the pro and antibailout parties. Perhaps a few hours later we have a result. Basically now the Pro is leading the Anti austerity party 31% to 25.5%.

Currently the situation is that Greece could not form a government yet after holding the election the 2nd time. I also seem confused by the election results. The thing is there are so many fragmented parties involved. For Pro Austerity New Democracy Party to win, it needs the support of other party. They need to hold the majority votes.

So let us just see the market open 2moro in Europe. We shall see how the Europe reacts to the news...

A report from Marketwatch:

Polls showed the conservative, bailout-supporting New Democracy, with 27.5% to 30.5% of the vote and the left-wing, antiausterity Syriza with 27% to 30%, according to reports citing exit polls reported by Greece’s Mega TV. 

A slight edge in the final results is key, because the party receiving the largest number of votes gets an additional 50 seats in the 300-seat Greek parliament and giving it an advantage in forming a governing coalition. 

The first official estimate were due around 9:30 p.m. Athens time, or 2:30 p.m. U.S. Eastern. Voting ended at 7 p.m. Athens time, or noon U.S. Eastern. 

The exit polls appear to mirror results of the May 6 Greek election, where voters failed to conclusively back a new government that would lead them out of a debt crisis that has seen the nation flirt with default and shake the euro zone to the core. 

“If Greece goes any longer without a government, it could be worse off than if it just left the euro now,” said Jonathan Bristow of London-based Valbury Capital. 

The failure last month, which resulted in days of painstaking negotiations as the nation’s main parties scrambled unsuccessfully to form a coalition government, set the stage for the June 17 election.
The vote was seen as a referendum on Greece’s current bailout and its strict austerity measures.
Syriza has promised to reject the terms of Greece’s European Union bailout if it forms the next government. 

It’s rival, New Democracy, has sent signals that even though it won’t agree to the current austerity program in the agreement, it will eventually work out a way to find a deal after tough negotiations with the “Troika” made up of the European Central Bank, the European Commission and the International Monetary Fund, the three groups in charge of the Greece bailout. 

The outcome, however, could have far-reaching and potentially grave implications for Europe’s single currency. 

“It is not the election result in itself that matters,” said John Ventre, a fund manager at Skandia Investment Group. It is a litmus test that will give an indication of whether the euro zone can be held together, he said.

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