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June 17, 2012

Re-Vote in Greece

Tsipras pledges to annul the past eurozone agreements, Samaras says he'll carry on and renegotiate the current program backed by the IMF/eurozone/ECB.

These two leading parties will inherit a long list of serious problems to solve no matter which wins, though the nature of the problem will alter depending upon who is in charge. With Tsipras winning the odds are an ignoble, chaotic exit from the eurozone will shortly ensue, and a return to a radically devalued drachma. Tsipras seems to be saying Europe wouldn't dare.

If New Democracy wins, the problem of luring back the billions of Greek wealth that has fled over the Aegean, and placating the regularly striking unions and then continuing the cuts that are meant to reduce Greek government liabilities and costs, and to theoretically create a seedbed for growth and efficient wealth production. But, before the growth is a great deal more cutting.

The hidden question is how either party could manage Greece effectively in the turbulent financial straits of Europe at present, as Spain, Italy, and France deal with massive debt issues. In 2009, the leadership of Europe wanted to isolate the Greek problem to keep it from cropping up elsewhere within the EU system. In 2012, the problems of debt liability are plaguing many more nations than the Greek one.

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