Greece election: Radical Syriza party heading for big win

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Anti-austerity left-wing party Syriza is heading for a substantial victory in Greece’s general election, official projections say.
The party is projected to win about 150 seats, just one short of an absolute majority, though officials say that number could change.bbc.com/news/world-europe-30975437
On the negative side Syriza is an extreme left wing coalition that includes Trotskyites and Maoists. On the positive side they plan to end austerity measures.
 
I don’t like Syraz but I have no sympathy for the fake center right Establishment party that went to bed with the socialists and was more interested in beating up on Golden Dawn and sucking up to Merkel then actually doing something productive.
 
Many European nations are to afraid to exit the EU. There is security there, with financial support, etc. Greece has indicated they don’t want to do this. I don’t know what would happen if they were to leave the Euro and go back to their own currency. Doing this would cost way too much, would probably not be doable, plus, how much would their own currency be worth, and who would back them?

Germany has occasionally talked about leaving the EU, as has France…they sometimes get tired of trying to hold the whole thing together.

I wonder what the Euro will be worth if Syriza wins the election? Maybe the U.S. Dollar could break even, for a while, at least???
 
This entitlement mentality will break Europe sooner rather than later; it will be interesting to watch that unfold.
 
The entitlements that Europeans receive come from having more than 50% of their incomes being taxed. Just like Americans ‘‘receiving’’ social security–each person receives from what they’ve put into it.

Already, many people in Greece have lost their government pension (retirement) in order to pay back the ECB loan. This money was theirs. And this is only a part of it.
 
“Austerity” is a derisive term for controlling the growth of government spending in socialist countries. Hardcore Socialists despise this, preferring to borrow money, running huge deficits, etc…
 
It has probably come to the point where it doesn’t really even matter which party Greeks vote for.
The coffers are dry; the financial credibility of the country as a whole is shot.

Socialists can promise a rose garden all that they want. Wishing it to be there does not mean that it is going to come true.
 
Darryl1958 said:
It has probably come to the point where it doesn’t really even matter which party Greeks vote for.
The coffers are dry; the financial credibility of the country as a whole is shot.

Socialists can promise a rose garden all that they want. Wishing it to be there does not mean that it is going to come true.
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Exactly. Where are the rich to bleed?
 
FollowChrist34 said:
Exactly. Where are the rich to bleed?
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Actually, from my understanding, everybody in Greece has room to bleed because, tax evasion is practically a national pastime there.

Greece has huge debt problems because the people wanted a massive welfare state. It’s just that none of them wanted to actually pay for it.

So you get stories about how a hospital (free healthcare and all there) doesn’t have an eye doctor because their doc retired and has a full pension. But they can’t afford another doctor until he dies because they don’t have anymore money to essentially have two docs on the payroll (one working, one on pension).

It’s also borderline impossible to start a business there.
 
Holly3278 said:
Can someone please explain what austerity is?
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Austerity, in the context of Greece, is a reduction in national spending to a point that is in line with income.

Greece has an incredible national debt, and had to rely on German bailouts just to keep from defaulting.

No matter what the new government decides, it will have to continue with austerity measures. Without those, no major banking system will loan the government money.

And without further loans, they could not, by definition, spend more than they take in.
 
The eurozone is possibly not ready for a Grexit. The estimated €250bn cost of a Grexit would cripple the eurozone and delay recovery for years to come.

In the short term, leaving the eurozone would be more painful for Greece. The Greek currency would fall sharply against the euro and other major currencies and stay low. In the long term, this would support domestic activity. This is because there is a clear mismatch between how long it would take for a lower currency to boost domestic production, particularly off such a depressed base, and the initial impact on imports. This path also has the benefit that Greece regains both its sovereignty and access to independent monetary policy.

Seriously, the EU is more about politic than economic. This mess is of their own doing.
 
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