Good News From Greece: Greek Unity Talks Hit Impasse; Math Lesson For New Democracy; Syriza Up to 25.5% in Latest Polls

Under the category of good news from Greece, the Financial Times reports Greek Unity Talks Hit Impasse.

Talks between Greece’s president and the leaders of the country’s three largest political parties on forming a coalition government reached an impasse on Sunday, increasing the chances that the country will hold fresh national elections in June.

Antonis Samaras, the conservative leader, said the radical left coalition Syriza had blocked a last-ditch effort to break the deadlock.

“Syriza doesn’t accept the formation of a viable government, or agree to support a government that would seek to renegotiate the terms of the bailout,” Mr Samaras said after the 90-minute meeting chaired by Karolos Papoulias at the presidential mansion.

Alexis Tsipras, the Syriza leader, said after the meeting: ”They wanted Syriza to collude in a crime … to ignore the voice of the people”, referring to the fact that 70 per cent of Greeks voting last Sunday backed anti-austerity parties.

Math Lesson For New Democracy

Note the irony in New Democracy leader Samaras placing the blame on Alexis Tsipras.

Syriza got 16.2% of the vote. Precisely whose fault is it that Samaras cannot muster a simple majority without that 16%?

Perhaps the message that parties do not want to join a coalition that has raped and tortured Greek citizens to bailout German and French banks ought to sink into Samaras' thick head.

Snatching Defeat From Jaws of Victory

Until new elections are actually called, however, eurosceptics still fear the answer to this question: Will Greece Snatch Defeat From the Jaws of Victory?

Pressure from the Troika and fear-mongering by all the politicians in the bailout-bed will be immense. There will be another decade of pain and suffering for Greeks if they stick to the Troika plan.

However, there will be short but intense pain for Greeks if they tell the Troika to shove it. Which is worse? It seems Greeks have come to the correct conclusion.

Syriza Up to 25.5% in Latest Polls

Please consider Latest polls shows clear lead for far-left Syriza

Real News reports that the Coalition of the Radical Left (SYRIZA) has gained support at the expense of the other parties. It puts Syriza on 25.5 percent, New Democracy on 21 percent, PASOK on 14.6 percent and the Communists KKE on 5.3 percent.

Given that Greek law gives the winning party an extra 50 seats in parliament, a coalition between SYRIZA and one or two leftist parties is now in sight, yet another math lesson for Samaras as well as Troika-clown Evangelos Venizelos, leader of Pasok a Greek socialist party whose support in the polls is now down to 10%. 

In general, I have little use for socialists and radical left parties of any kind. However, they are the only ones talking sense about what needs to happen to the bailout agreements.

The simple fact of the matter is Greece will not recover until it defaults on all external debt. Once that happens, and Greece takes a dive, hopefully new political forces can put Greece on the right path to needed reform.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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