Syriza could win outright majority as Greece rejects austerity
Greece's leftwing Syriza appeared on course to trounce the ruling conservatives in Sunday's snap election and could win the absolute majority it wants to fight international creditors' insistence on painful austerity measures.
Syriza was on course to win between 149-151 seats in the 300 seat parliament, with 36.5 percent of the vote, almost nine points ahead of the conservative New Democracy party of Prime Minister Antonis Samaras, according to interior ministry projections, based on a partial count of the vote.
His expected victory raises the prospect of an immediate standoff with German Chancellor Angela Merkel's government and could raise questions over distribution of the next tranche of more than 7 billion euros (5.2 billion pounds) in outstanding international aid Greece needs in the next few months.
Tsipras has promised to renegotiate a deal with the European Commission, European Central Bank and International Monetary Fund "troika" and write off much of Greece's 320 billion-euro debt, which at more than 175 percent of gross domestic product, is the world's second highest after Japan.
Greece, unable to tap the markets because of sky-high borrowing costs, has enough cash to meet its immediate funding needs for the next couple of months but it faces around 10 billion euros of debt repayments over the summer.
Without fresh cash, it will be unable to meet the payments, raising the spectre of an exit from the euro.
http://uk.reuters.com/article/2015/01/25/uk-greece-election-idUKKBN0KY0012015012...=======================================================
A few observations -
1) So much for ruling Political Party's calling "Snap Elections"!
2) Who is in power in Greece at present won't make much difference.
3) Austerity has had a go in Greece AND FAILED!
4) Keynesian Stimulus has had a go in Japan, AND FAILED!
5) The Fact is the REAL SOURCE OF THE GREEK ECONOMIC PROBLEMS HAS IT S UNDERLYING BASIS IN ITS DEMOGRAPHICS!!!
6) The Greek Fertility rate went below 2.0 around 1982, which meant that Population Growth started to slow earlier than most other countries. The Greek Fertility rate is now one of the lowest, at around 1.30-1.40.
The last 40 years has seen substantial changes in the Population mix -
a) The 0–14 years section has gone from 25.4% in 1971, to 14.4% in 2011.
b) The 15–64 years section went from 63.7% in 1971, to 66.6% in 2011.
c) The +65 years section went from 10.9% in 1971, to 19% in 2011.
http://en.wikipedia.org/wiki/Demographics_of_Greece7) DEMOGRAPHICS IS THE UNDERLYING SOURCE OF ECONOMIC DEMAND/GROWTH and because Greece, like Japan, had an earlier cessation in its Population Growth, it also went negative on Economic Growth, earlier than many other nations, plus Greece is largely reliant elsewhere, for its supply of Energy & other Natural Resources!
8) Most other nations have similar issues, But there is a timelag, with Japan being the first affected, then others in Europe, China & believe it or not, even Australia will follow!
Sorry, I digress "a little", But the underlying thing is the Greek Economy is not going to recover, no matter which Political Party is in power and that will have ramifications.