Greece Just Voted For Three More Years Of Austerity And Reform

Papandreou

Greek Prime Minister George Papandreou won a vote of approval in today’s run-off regional elections, which is great news for Greek bondholders.

The ruling socialist party is projected to win 9 out of 13 regional governor’s posts, according to the FT. PASOK even won the Athen’s mayorship for the first time in two decades.

Pandreou is the guy who keeps saying Greece will pay back its loans without restructuring.

Says Papandreou: “Voters have shown they want a continuation of reforms and there will be three more years of our government’s reforms. I don’t take political cost into consideration but we need all the citizens to back us so we can do in the next three years what we have not done for decades with the aim of saving the country.

This election proves that austerity is not political suicide, even when it sets off riots.

Now check out the complete austerity proposal from Obama’s deficit commission >

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