Salar posted on June 21, 2012 06:30
With the win of right wing leader of New Democracy Antonis Samaras, it is assured that Greece has made it to the Eurozone. The newly elected Samaras, and likely to be the new Prime Minister, said last week: “The Greek people voted today to stay on the European course and remain in the Eurozone...there will be no more adventures, Greece’s place in Europe will not be put in doubt.”
Samaras won the Greek polls with a record 99 percent votes, as per the counts. And, according to the interior ministry, the New Democratic Party has secured around 30 percent in totality. While it was Syriza’s Alexis Tsipras on the left-radical front, Samaras’ top contender has managed to find a place with 27 percent.
Meanwhile, Evangelos Venizelos, who leads the sociality party Pasok, that enjoyed the power up until last year, came up with just 12 percent of the total votes. It is being presumed that Samaras will join Venizelos and form a coalition government.
Hence, now, while Pasok will secure about 33 seats, Syriza is to claim 71 and the New Democratic Party will have about 129 parliamentary seats booked. According to reports, Syriza is eyeing for the anti-austerity position in the opposition.
Escaping with a thin margin, Greece is probably clung to the severe terms of its $300 billion (€240 billion) bailout and still be a part of the Eurozone, in the approaching years. However, if so did happen, it would surely put the European economy in a much weakened position, waves of which will be felt across the world.
At this point of time, not to mention, Greek financial system is at an exposed risk. Continuously being the fifth year of its recession in a row, the region has reached a point where one default would increase the hopes of Euro exit to hundred times.
Meanwhile, as the Greek polls have relieved the sparkling jitters around financial disaster for the European region, the Euro group leaders are still finding ways to control the debt crisis that is shadowing the global economy.
Not only Greece, but Spain and Italy too are facing eminent financial crisis. The two nations that are already heavily burdened with the loans and borrowings, saw the borrowing costs skyrocket on Monday. This is only cause which has kept Euro on its feet to keep the jitters alive and plan for another big much-needed bailout.
In no way can one say that the Eurozone is incapable to protect and foster the states. Although the crisis runs back and forth, it is the group that is facing immense amount of challenges to keep the states from extreme conditions, nevertheless there is the European Central Bank acting as life support to the bankers.
How ever now the finance minister resigned on Monday due to ill health, throwing the government's drive to soften the terms of an international bailout into confusion less than a week after it took office. Vassilis Rapanos, 64, chairman of the National Bank of Greece, was rushed to hospital on Friday before he could be sworn in, complaining of abdominal pain, nausea and dizziness.