Greek radical left wins election, threatening market turmoil

[webfact]

Greek radical left wins election, threatening market turmoil
By ELENA BECATOROS, NICHOLAS PAPHITIS and DEMETRIS NELLAS

ATHENS, Greece (AP) — A radical left-wing party vowing to end Greece's painful austerity program won a historic victory in Sunday's parliamentary elections, setting the stage for a showdown with the country's international creditors that could shake the eurozone.

Alexis Tsipras, leader of the communist-rooted Syriza party, immediately promised to end the "five years of humiliation and pain" that Greece has endured since an international bailout saved it from bankruptcy in 2010.

With 80 percent of polling stations counted, Syriza had 36 percent versus 28 percent for Prime Minister Antonis Samaras' conservatives.

It remained to be seen whether Syriza had enough seats to govern outright or would have to seek support from other parties. That might not become clear until Monday morning or even later, when all the votes are counted.

If Tsipras, 40, can put together a government, he will be Greece's youngest prime minister in 150 years.

The prospect of an anti-bailout government coming to power in Greece has sent jitters through the financial world, reviving fears of a Greek bankruptcy that could reverberate across the eurozone.

"The sovereign Greek people today have given a clear, strong, indisputable mandate. Greece has turned a page. Greece is leaving behind the destructive austerity, fear and authoritarianism. It is leaving behind five years of humiliation and pain," Tsipras told a crowd of rapturous flag-waving supporters.

He won on promises to demand debt forgiveness and renegotiate the terms of Greece's 240 billion-euro ($270 billion) bailout, which has kept the debt-ridden country afloat since mid-2010.

To qualify for the cash, Greece has had to impose deep and bitterly resented cuts in public spending, wages and pensions, along with public sector layoffs and repeated tax increases.

Its progress in reforms is reviewed by inspectors from the International Monetary Fund, European Commission and European Central Bank, collectively known as the troika, before each installment of bailout funds can be released.

Tsipras pronounced the troika and its regular debt inspections "a thing of the past."

"The verdict of the Greek people ends, beyond any doubt, the vicious circle of austerity in our country," he said.

Greece's creditors insist the country must abide by previous commitments to continue receiving support.

The election results will be the main topic at Monday's meeting of eurozone finance ministers. Belgium's minister, Johan Van Overtveldt, said there is room for some flexibility, but not much.

"We can talk modalities, we can talk debt restructuring, but the cornerstone that Greece must respect the rules of monetary union — that must stay as it is," Van Overtveldt told VRT network.

Samaras conceded defeat, saying he had received a country "on the brink of disaster" when he took over in 2012 and was close to ushering it out of the crisis.

"I was asked to hold live coals in my hands and I did," he said. "Most gave us no prospect of lasting out and we did. We got the country out of deficits and recession ... and set the foundations for growth and a final exit from the crisis."

Syriza's anti-bailout rhetoric appealed to many in a country that, in the past five years, has seen a quarter of its economy wiped out, unemployment above 25 percent, and average income losses of at least 30 percent.

But Syriza's victory has renewed doubts over Greece's ability to emerge from the crisis, and generated fears that the country's finances could once again send shockwaves through global markets and undermine the euro, the currency shared by 19 European countries.

The centrist Potami party was battling for third place with the Nazi-inspired Golden Dawn, whose leader and several lawmakers campaigned from prison, where they are awaiting trial on charges of participating in a criminal organization.

If Syriza falls shy of the 151 seats necessary to form a government on its own in the 300-seat parliament, it will have to seek support from other parties — either in a minority government or as part of a coalition.
___

Raf Casert in Brussels and Derek Gatopoulos in Athens contributed.


-- (c) Associated Press 2015-01-26

[siampolee]

Slowly but surely the results of inviting a ''peasant money under the mattress economy country'' into the E.U. is beginning to show its results.

Greece is not the only E.U. country in a parlous state financially and the other similar states could indeed inflict if not actually destroy the E.U. fiscal system.

[daveAustin]

Though the EU ain't my favourite martian and anyone that gives them the finger deserves the thumbs up IMO; to be fair, the position Greece got itself into is all on Greece and they'll be a up sh** creek without a paddle if they ain't careful.

[shirtless]

Maybe a good thing as politicians the world over need to change they only care about their contributors and forget the voters,

[F430murci]

What sucks about all of this is that Greece cheated, lied and committed fraud to become a part of the Euro and now they are threatening to destabilize it.

[Steely Dan]

Drachma drekma. Greece is full of lazy socialists expecting the state to shield them from responsibility, best they leave the Euro and frankly best no Euro at all.

[pitrevie]

Drachma drekma. Greece is full of lazy socialists expecting the state to shield them from responsibility, best they leave the Euro and frankly best no Euro at all.

I can agree with some of that but it appears also to be full of people who earn a lot of money and for years have been getting away with paying zero tax.

[Loptr]

Slowly but surely the results of inviting a ''peasant money under the mattress economy country'' into the E.U. is beginning to show its results.

Greece is not the only E.U. country in a parlous state financially and the other similar states could indeed inflict if not actually destroy the E.U. fiscal system.

Greece was first, watch for Spain to be next... The numpties in Brussels must be crapping their pants...

[SiSePuede419]

The people who wrote the source article are radical facists.

Being against austerity is "radical"?

No. It's logical, smart and sensible.

It's only a theory that austerity creates prosperity.

1. Name one country, any time in history, where austerity led to prosperity. There are none.

2. Name one individual who's family has become prosperous by having their income cut. There are none.

It's only common sense that cutting your family's income is going to make you less prosperous, not more.

Facism is about dogma & ideology of inflicting pain and suffering on your "enemies", not facts. Or logic. Or common sense.

[smedly]

Though the EU ain't my favourite martian and anyone that gives them the finger deserves the thumbs up IMO; to be fair, the position Greece got itself into is all on Greece and they'll be a up sh** creek without a paddle if they ain't careful.

you are of course 100% correct, if the people had paid their taxes and government had operated a proper fiscal system they wouldn't be in the &&&& they are now.

in saying that, I don't believe the people actually understand what is going on and what they voted for, I think they have been lead up the garden path by this radical left, they think their debts are going to be wiped out and all this money will be written off and all will be back to what they think is normal, unfortunately they are heading for a serious amount of hurt and it should have been clearly explained to the people implications of how they vote

They should never have been allowed into the EU in the first place as they did not meet the criteria - they actually lied

[Kitsune]

Hope at last

[timewilltell]

Right lets just let the Greeks off and wipe out all their debt so they can steal again. Let's not have any responsibility for national governments voted in on popularist policies that they cannot afford and then let the other countries all bail you out.

Sounds like a wonderful plan!

[Scouse123]

Drachma drekma. Greece is full of lazy socialists expecting the state to shield them from responsibility, best they leave the Euro and frankly best no Euro at all.

You talking about France here?

[ezzra]

What sucks about all of this is that Greece cheated, lied and committed fraud to become a part of the Euro and now they are threatening to destabilize it.

You have neglected to mention borrowed billions from the EU and now refuses to honor

the debts, fine people are those Greeks... not fond of working hard and bilking the government

for social security and lo and behold, it comes back to bite them on the ass....

[Scouse123]

Though the EU ain't my favourite martian and anyone that gives them the finger deserves the thumbs up IMO; to be fair, the position Greece got itself into is all on Greece and they'll be a up sh** creek without a paddle if they ain't careful.

you are of course 100% correct, if the people had paid their taxes and government had operated a proper fiscal system they wouldn't be in the &&&& they are now.

in saying that, I don't believe the people actually understand what is going on and what they voted for, I think they have been lead up the garden path by this radical left, they think their debts are going to be wiped out and all this money will be written off and all will be back to what they think is normal, unfortunately they are heading for a serious amount of hurt and it should have been clearly explained to the people implications of how they vote

They should never have been allowed into the EU in the first place as they did not meet the criteria - they actually lied

A country's politicians actually lied to get an advantage??? -- Well, I never!

[Costas2008]

[lannarebirth]

The people who wrote the source article are radical facists.

Being against austerity is "radical"?

No. It's logical, smart and sensible.

It's only a theory that austerity creates prosperity.

1. Name one country, any time in history, where austerity led to prosperity. There are none.

2. Name one individual who's family has become prosperous by having their income cut. There are none.

It's only common sense that cutting your family's income is going to make you less prosperous, not more.

Facism is about dogma & ideology of inflicting pain and suffering on your "enemies", not facts. Or logic. Or common sense.

I don't think that being against "austerity" is what was being called radical. I think it was their stated aim to declare all agreements with respect to their debt, entered into by prior governments, voided, which is a fairly radical concept. Democracies are generally considered to have a continuity of interests and responsibilities regardless of election outcomes.

[joebrown]

The people who wrote the source article are radical facists.

Being against austerity is "radical"?

No. It's logical, smart and sensible.

It's only a theory that austerity creates prosperity.

1. Name one country, any time in history, where austerity led to prosperity. There are none.

2. Name one individual who's family has become prosperous by having their income cut. There are none.

It's only common sense that cutting your family's income is going to make you less prosperous, not more.

Facism is about dogma & ideology of inflicting pain and suffering on your "enemies", not facts. Or logic. Or common sense.

So, to sum up your various remarks, it's OK for anyone/country to go on a holiday paid for on credit and then renage on the debt saying we don't want to pay. What you suggest is a recipe for even greater disaster shared by the other EU members. IMHO Greece and sevearal other recent EU entrants should never have been allowed membership in the first place.

[Mosha]

Though the EU ain't my favourite martian and anyone that gives them the finger deserves the thumbs up IMO; to be fair, the position Greece got itself into is all on Greece and they'll be a up sh** creek without a paddle if they ain't careful.

Back to building the Greek Bridge for them.

[Costas2008]

[lannarebirth]

Mr Farage makes a good point.

[blazes]

Slowly but surely the results of inviting a ''peasant money under the mattress economy country'' into the E.U. is beginning to show its results.

Greece is not the only E.U. country in a parlous state financially and the other similar states could indeed inflict if not actually destroy the E.U. fiscal system.

Good. Let the mattresses of Europe be shaken out.

[i claudius]

So how long before the rest of us in the failed club are asked to stump up billions more for countrys like Greece to carry on not paying any tax ,meanwhile us in Britain who live abroad still have our pensiones frozen to help pay for it.

[blazes]

What sucks about all of this is that Greece cheated, lied and committed fraud to become a part of the Euro and now they are threatening to destabilize it.

What equally sucks is that the European elite in Brussels who run the profitable show cheated, lied and committed fraud to form the thing they call the European Union.

Tthey denied referendums to some countries to ratify the Lisbon Treaty and ignored the rejection of the Lisbon Treaty in those countries that did have a referendum and rejected it.

[NeverSure]

The people who wrote the source article are radical facists.

Being against austerity is "radical"?

No. It's logical, smart and sensible.

It's only a theory that austerity creates prosperity.

1. Name one country, any time in history, where austerity led to prosperity. There are none.

2. Name one individual who's family has become prosperous by having their income cut. There are none.

It's only common sense that cutting your family's income is going to make you less prosperous, not more.

Facism is about dogma & ideology of inflicting pain and suffering on your "enemies", not facts. Or logic. Or common sense.

Name me anyone who ever got prosperous by handing out lots of cash he didn't have.

People who think that the government is supposed to make them prosperous have it bass ackwards.

[DaddyWarbucks]

The people who wrote the source article are radical facists.

Being against austerity is "radical"?

No. It's logical, smart and sensible.

It's only a theory that austerity creates prosperity.

1. Name one country, any time in history, where austerity led to prosperity. There are none.

2. Name one individual who's family has become prosperous by having their income cut. There are none.

It's only common sense that cutting your family's income is going to make you less prosperous, not more.

Facism is about dogma & ideology of inflicting pain and suffering on your "enemies", not facts. Or logic. Or common sense.

So, to sum up your various remarks, it's OK for anyone/country to go on a holiday paid for on credit and then renage on the debt saying we don't want to pay. What you suggest is a recipe for even greater disaster shared by the other EU members. IMHO Greece and sevearal other recent EU entrants should never have been allowed membership in the first place.

Quite so.

The sadistic element in Fascism is self-evident.

In Greece, you have that combined with paraphilic infantilism in the economic and social sphere.

[dexterm]

The people who wrote the source article are radical facists.

Being against austerity is "radical"?

No. It's logical, smart and sensible.

It's only a theory that austerity creates prosperity.

1. Name one country, any time in history, where austerity led to prosperity. There are none.

2. Name one individual who's family has become prosperous by having their income cut. There are none.

It's only common sense that cutting your family's income is going to make you less prosperous, not more.

Facism is about dogma & ideology of inflicting pain and suffering on your "enemies", not facts. Or logic. Or common sense.

Name me anyone who ever got prosperous by handing out lots of cash he didn't have.

People who think that the government is supposed to make them prosperous have it bass ackwards.

...USA, EU, and a few other developed countries.

Remember in 2009 if Obama had not propped up some failing banks and industries, we would have had a decade long depression globally rather than a 12 month recession. The opposition parties who had caused the initial problem, then wanted to allow banks and industries to go under with your savings accounts and share portfolios too. There is a case for extending the credit limit sometimes to allow folks to trade their way out of debt. Whether Greece is a good candidate for debt relief or bankruptcy I don’t know.

I don’t really care. I simply follow the price action when share trading..can make money going long or short on the market.

[bkkgooner]

The country is in a shambles and this will only make it worse.

[lazygourmet]

Previous tenant of my Brussels' flat was a Greek high commissionner at the EEC.

Even with a six figure salary/month, he never paid his rent -except for the three months legal deposit- ; and that took me one and a half year to have him evicted...

[Mosha]

Previous tenant of my Brussels' flat was a Greek high commissionner at the EEC.

Even with a six figure salary/month, he never paid his rent -except for the three months legal deposit- ; and that took me one and a half year to have him evicted...

Beware of Greeks bearing gifts.