Thursday 23 November 2017

Fundamental reforms needed to save the euro

Tomorrow, Greeks go to the polls for their second general election in the space of just six weeks. However, regardless of the outcome, Greece's departure from the single currency now seems all but inevitable, with possibly serious consequences for the rest of the eurozone, including Ireland.

Under the idiosyncratic Greek electoral system, which excludes parties securing less than 5pc of the vote and awards a 50-seat bonus to the largest single party, it is possible for a political party to secure close to an overall majority in the 300-seat parliament with not much more than 30pc of the vote.

This means that the centre-right, pro-bailout New Democracy party could well pip the left-wing, anti-bailout Syriza party and win enough seats tomorrow to form a new Greek government -- an outcome that would be warmly greeted in other European capitals.

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