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Thread: Greece Election Inconclusive, No Deal On Government: Report

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    Greece Election Inconclusive, No Deal On Government: Report

    ATHENS, May 15 (Reuters) - Greece will hold a new election after politicians failed to form a government on Tuesday, nine days following an inconclusive vote, prolonging a political crisis that pushes it closer to bankruptcy and exit from the euro.

    After a third day of failed talks with political leaders, a spokesman for President Karolos Papoulias said the process of seeking a compromise had been declared a failure and a new vote must be held.

    He did not immediately give the date for the new vote, but elections rules suggest it will be in mid June. A caretaker government would be formed on Wednesday, the spokesman said.

    Greece remains without a government since its inconclusive election left parliament split between supporters and opponents of a 130 billion euro bailout package reviled by Greeks for imposing deep wage, pension and spending cuts.

    Polls show the leftist SYRIZA party, which rejects the bailout and placed second in last week's vote, is now on course to win, a result that would give it an automatic bonus of 50 seats in the 300-seat parliament.

    European leaders say that they will cut off funding for Greece if it rejects the bailout agreed in March, which would mean bankruptcy and all but certain exit from the European single currency.



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    Greece Election Inconclusive, No Deal On Government: Report

    Greece us standing up and saying no to austerity and to this scheme. I believe the leftists and far left will take back Greece in their coalition.

    Thoughts?
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    Re: Greece Election Inconclusive, No Deal On Government: Report

    It will be interesting to see a major victory for the far left in Greece. Of course, it also is likely that anti-austerity parties will have the majority and unless the euros are gonna just start throwing money at Greece without concern for how they spend it then Europe's economy is going to implode. Media are way understating the situation and misdirecting concerns towards countries pulling out of the euro. The real crisis will happen when there is a run on the Greek Banks, because they have branches all over the Balkans that represent a significant part of the banking industry in those countries. Already these countries are seeing weak economic numbers. The Greek banking system collapsing is likely to push all of those countries into severe recessions that will take the pain right to the core of Europe's economy.
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    Re: Greece Election Inconclusive, No Deal On Government: Report

    Quote Originally Posted by TheDemSocialist View Post
    Greece us standing up and saying no to austerity and to this scheme. I believe the leftists and far left will take back Greece in their coalition.
    And once they take it back, then what? They are broke. No one will loan them any more money. The country is bankrupt.

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