19/06/2012

Greece Elections Solution... Almost

The people of Greece have voted for more austerity. Well, almost. Kind of. Just. But what did we expect. It's hard to get people to vote for their own slap in the face, unless they've been reading Fifty Shades of Gray.

New Democracy, the pro-austerity party, won nearly 30% of the vote, Syriza received 27%. That's around a 3% difference, so hardly overwhelming. It's a shame it's not Germany in this situation, because from what I've seen on the web, it's the Germans who don't mind a bit of self-punishment.

Greece will now have a coalition government, which as we all know, works really well. We've had one and we shot straight back into recession, so this could be the end game.

It's a shame that they have ended up with a coalition, as it means it will be harder to get the decisions that could help their economy actually passed through, but it's their own fault. They invented democracy. If they invented it so you couldn't have hung parliaments we all would've been better off.

But, with the news that the New Democracy party, which broadly favours Greece meeting international debt obligations, the markets responded well... for about 5 minutes before news that Spain's borrow rate hit 7% came out. That is the rate at which Greece, Portugal and Ireland needed bail out money.

They're moaning about a 7% borrowing rate? They should see my credit card bill.

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