John Ward – Greece : Jubilation Is Premature… Nobody Has Factored In The Reality Of The Morning After – Pasok Still Wants Syriza in Coalition, Or No Deal – 18 June 2012

“Yo! we goin’ ter Hell in a bucket guys!”

Yesterday I posted to advise folks to ignore the Greek election, and focus instead on the imminence of Greek default. I have more for you on this story already.

Advertisement

Mish/ Mike Shedlock – Throwing Bones To Greece; A Victory For Europe ( Or A Victory For French And German Banks)? – 18 June 2012

Throwing Bones to Greece

In the wake of New Democracy eking out a victory over Syriza in the Greek elections, the nannycrats are willing to toss a few bones to Greece.

For example this headline on Bloomberg says Euro Chiefs Signal Greek Austerity Softening as Summit Looms.

Lucas – Do You Really Believe This – Greece Has Voted For A Bailout And Staying In The Eurozone – 17 June 2012

Greece poll: Pro-bailout party’s narrow win hailed = BBC News Headline

The narrow election victory of Greece’s pro-bailout New Democracy party has been welcomed by world leaders, who urged Athens to quickly form a cabinet.

Mish/ Mike Shedlock – New Democracy Wins But May Be Unable To Form Coalition; Syriza Has Coalition Chances If New Democracy Fails – 17 June 2012

In the last 15 minutes I have changed this blog headline a few times from various forms of likely winner for New Democracy to “winner”.

The key news now is that it still depends on Pasok , which has stated unwillingness to enter into a coalition with New Democracy and refused to do so in the last election. The difference this time is that Syriza has a strong chance of forming a coalition if New Democracy fails.

Mish/ Mike Shedlock – Greek Rail Against “Crude” German Editorial; Merkel Ally Tells Greece “Vote Right Or Euro’s Gone”; Initial Estimate 2:3 ET Sunday – 16 June 2012

In the past week, as I expected, the ECB, Troika, German officials and others have all warned Greeks to not vote for Alexis Tsipras and his radical-left party Syriza. Will those tactics backfire?

I suggest they already have. The pertinent question is whether they have backfired enough to matter.

Mish / Mike Shedlock – Gaffe? What Gaffe? Greek Polls? All Over The Place – 27 May 2012

I am amused by the Financial Times headline Tsipras shrugs off gaffe about Hollande.

When Evangelos Venizelos, the Greek socialist leader, boarded a 7.30am flight to Paris on Tuesday, only his closest aides knew he was on the way to a hastily arranged meeting with the French president.

John Ward – Greek Election : Wolfie Strangelove & His Bankers Go Election Manipulating…With Their Customary Level Of Subtlety – 6 May 2012

The Institute of International Finance (IIF) managed to get right up Antonis Samaras’s nose this weekend, thanks to a report it issued suggesting that his New Democracy Party and PASOK would have to form a post-election government. As the other Parties were not being bribed by Brussels didn’t like the bailout much (on the grounds that it only makes the Athens debt worse and worse) then the Greek authorities would have to ignore the election result, and appoint an administration of technocrats ready to stick to the terms of the bailout – and remain in the euro so that the ECB and France don’t collapse in hopeless debt.

John Ward – The Samaras Word On Greece – 5 May 2012

Antonis Samaras, the head of Greece’s New Democracy party, said a return to the Drachma would have “catastrophic consequences” for the Hellenic Republic and the euro-area as a whole, Bild Zeitung reported today.

The thing we’re slightly short of here is just why exactly Samaras Licken sees the sky falling in if Greece reverts to a far less inflationary currency that would probably double its tourist income in 2013…or indeed why – given his country is on its uppers – he should give a flying sh*t about the wider ramifications for a eurozone whose membership has royally shafted his country.