Greece: Samaras gambles


Michael Roberts Blog

Financial markets got very excited this week when Greece’s conservative PM Antonis Samaras announced that he was going to bring forward an upcoming parliamentary vote for a new president to this month from February. Greek stock prices fell nearly 20% in two days, the biggest fall since the global crash of 1987.

Investors are really worried that if Samaras fails to get his candidate elected as President after three voting chances in parliament, a general election will have to follow in January. That could lead to the victory of the leftist opposition party Syriza (Syriza leads by 6-8%pts in the polls). Then Greece would have a government pledged to renegotiate the debt owed to the EU/IMF and to reverse many of the austerity measures imposed by the Troika (the EU Commission, the IMF and the ECB) as conditions for loans of nearly €300bn made to Greece since 2010. That could…

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