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Thread: Greek elections

  1. #1
    Hasta Siempre Madrigal's Avatar
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    Greek elections

    So now they're saying the left-wing anti-austerity Syriza has a 10-point advantage over its rival and that they'll probably win but will have to form a coalition govt with another party as they may not reach the required 38% of the vote. Considering that Spain has a similar party running in this year's elections, it seems like a Syriza win could take an increasingly right-leaning political scenario in Europe to a much more polarized one. Gee, I dunno what this reminds me of but sounds like fun times ahead. psst

    Anyway, Syriza would inherit a country that has been through about 30 general strikes since 2010, countless popular mobilizations, has a 27% unemployment rate with half its population below the poverty line, a massive debt (175% of the GDP) and an austerity program prescribing layoffs, budget cuts and privatizations. It's gonna take more than some vague anti-austerity promises to pull the country out of that. They're going to have to make some big capitalists very sad. But will they?

    I wanna see these guys win, I wanna see what happens.
    Everything under heaven is in utter chaos; the situation is excellent. - Mao

  2. #2
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    As long as it's not Golden Dawn.

  3. #3
    I read this as Geek Elections and clicked, excited I might win something.

    Drat.

  4. #4
    Senior Member Makers!*'s Avatar
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    Is this when the wealth liberation happens? That's what I'm looking for... government orders to redistribute, using force if necessary.

  5. #5
    I figure most elections are "greek".

  6. #6
    Senior Member Makers!*'s Avatar
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    This looks troubling. (not written in direct connection with the Greek elections)

    "Suppose some revolutionary leadership develops that is truly committed to directing meager resources to the poor majority, perhaps within an authoritarian state system. the first problem it will face is capital strike and capital flight on the part of those controlling private economy. the leadership may yield, restoring the old order. or it may try to take over the private economy so that the production can continue, placing it under public control, which will probably lead to a harsh form of state socialism under existing conditions, with true libertarian alternatives too underdeveloped to be realistic....

    The unfortunate fact is that any such development, whether libertarian or authoritarian in tendency -more so in the former case- would lead to unremitting hostility on the part of the great powers..."

    Chomsky

  7. #7
    Mens bona regnum possidet ferrus's Avatar
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    When I see these signs my mind first of all assumes it is a mathematical equation. Then my consciousness quickly corrects with the knolwedge that this is their alphabet.
    Die Logik ist keine Lehre, sondern ein Spiegelbild der Welt. Die Logik ist transcendental. - Wittgenstein

  8. #8
    libertine librarian sandwitch's Avatar
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    More like fail-ections, amirite?

    (sorry, Madrigal. I hope your thread gets better soon.)
    I wanna see your goodreads, so add me.

  9. #9
    Hasta Siempre Madrigal's Avatar
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    Quote Originally Posted by sandwitch View Post
    More like fail-ections, amirite?

    (sorry, Madrigal. I hope your thread gets better soon.)
    Lol, I'm kinda waiting to see the results. I hallucinated for a second, upon reading this post, that the elections had actually been today and Syriza had lost. Don't scare me like that again.
    Everything under heaven is in utter chaos; the situation is excellent. - Mao

  10. #10
    Senior Member Mike's Avatar
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    A Greek parliament dominated by radical leftists will risk "an economic death spiral for the Greek economy."

    Alex Tsipras, the young, charismatic leader of Syriza, is an avowed leftist (his son, Ernesto, is reportedly named for Marxist revolutionary Ernesto “Che” Guevera) and the party’s most likely candidate for prime minister. Tsipras has made it clear that any new government under Syriza—an acronym from the Greek words meaning “coalition of the radical left”—will “renegotiate” the loans extended to Greece by the EU, the IMF and the ECB since 2010 in order to preserve the euro. Those loans—now totaling some 175% of Greece’s GDP—were conditioned on austerity measures that Tsipras has declared intolerable.

    While the Greek economy is growing moderately, and Greece is likely able to continue its debt service under existing austerity measures, a Syriza-dominated populist government would likely bring about an economic crisis worse than the one Greece and the Eurozone saw in 2010.

    Tsipras contends that the 2010 bailouts were what bank analysts call “extend and pretend”; that is, lending good money after bad so that the lender won’t have to recognize the loss from writing off bad debts. Tsirpas may stand firm against the EU, IMF and ECB creditor troika and refuse to accept another tranche of planned lending or even a refinancing of Greece’s bonds. Short of the lending troika granting outright forgiveness of some of Greece’s debt and a re-scheduling of payments based on ability to pay—Syriza’s stated demand—there is considerable political risk of actual default on maturing bonds as they come due.

    Even the possibility that Greece will default on its sovereign debt could push up the cost of borrowing in its private sector, very possibly tilting its modest economic recovery into recession. This would further exacerbate the country’s already troubling debt-to-GDP ratio, thereby further raising private interest rates, thereby further slowing the GDP, thereby further raising private interest rates…In other words, it could cause an economic death spiral for the Greek economy.

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