Greece teetering

It sure seems the foundation of the European Union and the Euro will feel the first reality pinch check after the “surprising” upswing  for the extreme parties in Greece over the weekend. Unfortunately, rather scary developments are taking form in this United Europe. What’s next, Weimar inflation, and after that everything that followed? Some color on the “new” Greek dilemma, via Ekathimerini.

Greece was plunged into political uncertainty on Sunday night as national elections produced a fragmented Parliament of at least seven parties and a result that could preclude New Democracy and PASOK forming a coalition government over the next few days.

The possibility of the two parties that backed Greece’s new bailout combining their forces was undermined by a collapse in their support, particularly in the case of PASOK. The Socialists suffered a drubbing around the country and looked to have been beaten into third place by the Coalition of the Radical Left (SYRIZA) with what could be PASOK’s worst ever showing at the ballot box.

The election result was also notable for the entry into Parliament of the neo-Nazi Chrysi Avgi (Golden Dawn), which in 2009 had only gained 0.29 percent of the vote and looked set to gather close to 7 percent at these elections.

With 45 percent of the vote counted last night, New Democracy was leading with 20.23 percent. It was followed by SYRIZA on 15.94 percent and PASOK on 13.92 percent. The right-wing anti-bailout Independent Greeks party, formed just a few months ago, came fourth with 10.40 percent. The Communist Party (KKE) garnered 8.36 percent, which was lower than most opinion polls had suggested. Chrysi Avgi gained 6.84 percent and the Democratic Left was the last party certain of a place in Parliament with 5.99 percent.

Two other parties, Ecologist Greens and the nationalist Popular Orthodox Rally (LAOS), were close to gaining seats in the House with less than half of the votes counted.

The result means that in the best-case scenario, New Democracy, which will be awarded an extra 50 seats, and PASOK would only have a majority of a few MPs in the 300-seat Parliament. Even if they were able to agree to form a coalition, it would have weak political legitimacy in wake of an election that saw Greek voters move en masse toward parties that opposed the bailout agreed with the European Union and the International Monetary Fund.

Full reading here.