Photo: Bloomberg TV
ATHENS, GREECE — Want to know why the next Greek government—whomever that may be—has virtually no chance of lasting a long time or getting anything done?Because right from the start they’ll be overwhelmingly unpopular.
Jefferies’ David Zervos explains how despite the fact that a pro-bailout coalition might be feasible after last night’s Greek result, the anti-bailout faction is as popular as ever, as well …
In a sign of further fracture, the far right party kept a hold of 7 per cent of the vote (despite the slapping of female opponents on national TV); and the anti-bailout, right leaning Independent Greek party had a strong showing with 7.5 per cent. If one adds up the percentage of votes for the “fiercely” anti-bailout parties – SYRIZA, the Independent Greeks, GD and KKE – it is a number awfully close to 50 per cent. If you add in the Democratic Left, which is not fiercely anti-bailout, but is certainly not a buyer of the ND/PASOK MoU world; then over 50 per cent of the Greeks VOTED against the austerity plans.
So while tonight the Greek people did not pull the EMU rip cord, they came VERY close. And a “majority” of Greeks will not be happy with any continuation of MoU policies. We may have postponed the inevitable Greek exit another 6 to 12 to 24 months, but this result is NOT comforting. The battle in Greece will rage, and it will surely spill over into the rest of Europe.