Austerity – Europe


Elections yesterday in France and Greece shows what can happen when you allow people that you have just screwed over to vote.

The world financial markets will be in a turmoil for a brief period of time, but will soon realize that it could have been much worse.

Greece will have a minority government.  The two party coalition

The right-of-center New Democracy party saw its support drop from 33.5% in 2009 to 20.5% yesterday.  And the other part of the ruling coalition, the PASOK party saw it’s support drop from 44% to 14 %.

The parties that gained the most in the election, Syriza (a.k.a. Radical Left) at 15.6% and Independent Greeks party at 10.4%, probably will not be able to form a coalition because the Independent Greeks are more of a center party and not as left leaning.

I predict that Greece will be ungovernable as presently constituted and will be having national elections again within six months.

How a second round of Greeks voting will affect the Presidential elections in the US is anybody’s guess.

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