In-Briefs

Greece: Critical Vote for Greek Economy in Sunday's Parliamentary Elections

June 15, 2012
| Economics
| Europe
Greece will vote in parliamentary elections on June 17 in hopes of ending a political stalemate driven by the country’s economic crisis . . . polls show far-left party Syriza, led by Alexis Tsipras, is tied with the center-right New Democracy party for the lead . . . Syriza rejects economic austerity measures associated with Greek bailout programs by international lenders . . . the last elections in May returned a highly divided parliament that was unable to form a government and led to the June 17 elections . . . Syriza could receive the most votes in the election but is unlikely to gain a majority and will thus will need to forge a coalition with other parties to form a government . . . the country would probably leave the eurozone and default on its loan payments if Syriza wins the election or dominates a new coalition government . . . LIGNET believes that other parties will form a coalition without Syriza because of concerns about the enormous economic pain Greece would endure if it left the euro and defaulted on its debts . . . such a new coalition is likely to aggressively press for a re-negotiation of the terms of Greece’s bailout packages and austerity commitments. 

 
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