Sunday 21 January 2018

Fallout from the Greek crisis

THE likelihood of fresh Greek elections following the failure of the country's political parties to agree on the formation of a new government has plunged the eurozone into crisis.

With almost 70pc of the country's voters having voted for parties opposed to the austerity demanded by the troika in return for not one but two bailouts, Greece is looking as if it will be the first country to either leave or be ejected from the single currency.

Last weekend's general election has resulted in deadlock. The two main Greek political parties, PASOK and New Democracy, saw their combined support drop to just 32pc compared with the 78pc of the votes which they received in the 2009 general election. Instead the Greek electorate has thrown its lot in with an unsavoury collection of neo-fascists, post-communists, extreme nationalists and hard leftists. Whatever consensus that might have previously existed in favour of austerity has been shattered.

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