Well, well, well. Imagine that! What? Opinion polling results concerning the up coming Greek elections were published here in Greece over the weekend. They seemed to give the right wing New Democracy party a lead over the left wing SYRIZA party. Either of which will have to form a coalition party if they come first.
The New Democracy Party will be forming a coalition with what remains of the once all mighty PASOK party, that persists in deluding itself or trying to delude the electorate, that it is still a socialist party. Which of course it no longer is if ever it really was.
Now, more jokes. Apparently this news, of the ND lead in the polls, appears to have filled The Markets with incredible joy and we witnessed a rally on the stock markets today. How extraordinary. And why do you suppose that was? Can anyone really believe that such a coalition, which does appear likely, will do anything at all to resolve the crisis?
The two parties in question are the ones that jointly and severely managed to ruin the Greek economy, mire it in indebtedness and plunge it into recession. Well, with great help from the IMF/EU for the recession. But they must take most of the credit themselves. At the moment they are engrossed in a game of which of these two parties will tell the biggest lies to the Greek electorate.
These are arrant lies and promises that they will extricate Greece from the so called Memorandum and improve life for everybody all around. Now it is common knowledge that these two parties are the ones that have signed the despicable terms of the new memorandum that is tantamount to a death warrant for the Greek economy. We also know that not only did they sign the agreements but also sent personal letters to the IMF and EU pledging themselves always to uphold these terms for as long as they are in politics.
Now since these people have proved themselves worse than useless, it should not come as a surprise to anyone when a few months (if not weeks) down the line, the same panic shall arise again. You didn’t meet your targets! You haven’t carried out any reforms! Where is the restructuring? We wont pay you the tranche of the loan due! Help! Greece is going bust! Greece is going to be flung out of the Eurozone! Which, presumably is what The Markets are scared of in the event of a Left wing win in the elections.
But this is exactly how it is going to play out, and The Markets should know that by now. So why the euphoria? Well, I suppose because of the reassurance of having a right wing conservative government back in power again. Yes. You can always rely on them.
However, perhaps someone might like to point out to The Markets and whoever these gullible herd like entities are, that the events leading to the 2008 crash, and the policies dogmatically applied by Europe in the aftermath of this disaster have proved one thing if nothing else.
The myth used to be, vote for right wing conservative governments because they are the ones who KNOW really KNOW how to handle the economy. The above mentioned events and obsession with destructive policies have managed to burst this myth to smithereens.
Right wing conservative governments and International organizations such as the IMF and its current head, simply haven’t got a clue as to how to handle the economy, and they keep doing everything wrong. From deregulation of the banking system to stringent across the board austerity in a recession.
So really, The Markets have no cause to be so overjoyed at the prospect of a right wing conservative government in Greece. Not at all!