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Daily Stormer
January 26, 2015
This is a serious happening.
BBC:
Anti-austerity Syriza party has won Greece’s general election, putting the country on a possible collision course with the EU over its massive bailout.
With nearly 75% of the votes counted, Syriza is projected to win 149 seats, just two short of an absolute majority, though that number could change.
Left-wing party leader Alexis Tsipras, who wants to renegotiate Greece’s debt, said “the Greeks wrote history”.
The governing centre-right New Democracy has come a distant second.
Outgoing Prime Minister Antonis Samaras has admitted defeat and phoned Mr Tsipras to congratulate him.
Syriza’s result will send shockwaves through Europe, the BBC’s Gavin Hewitt in Athens reports.
Syriza leader Alexis Tsipras: “Today the people of Greece wrote history”
A majority of voters in Greece have essentially rejected a core policy for dealing with the eurozone crisis as devised by Brussels and Berlin, our correspondent adds.
In Germany, Bundesbank President Jens Weidmann said he hoped “the new Greek government will not make promises it cannot keep and the country cannot afford”.
The election result is expected to be one of the main issues during Monday’s meeting of 19 eurozone finance ministers.
Belgium’s representative Johan Van Overtveld was quoted by VRT network as saying that Greece “must respect the rules of monetary union”, although he added that there was room for some – but not much – flexibility.
British Prime Minister David Cameron – whose country is not a member of the eurozone – said the result of the Greek election would “increase economic uncertainty across Europe”.
Syriza has basically backed down from all of their initial positions, but they are in a situation where they are either going to have to do what they said they would do, or at least something similar, or incite riots.
Greeks, unlike most European countries, are pretty down to riot.
I believe this is the last stop on the road to a Golden Dawn victory. The people voted for Syriza not because they are actual Marxists but because they believe they are anti-austerity. When they find out they aren’t really, they will have no choice but to elect the one real anti-austerity party.
Also, if any Americans (or Australians or British) were considering a vacation in Europe, now would be a good time to go.
The euro hit an 11-year low versus the US dollar on Monday as Greece’s anti-austerity Syriza party swept to victory in a snap election, putting Athens on a collision course with international lenders.
The single currency dropped to $US1.1098, a level not seen since September 2003, as official projections showed Syriza was set to win 149 seats in the 300-seat parliament, taking 36.3 per cent of the vote.
The euro fell to as low as ¥130.16, its lowest level in more than 11 years. The euro also fell against sterling, hitting a seven-year low of 74.06 pence.
In the near term, traders are looking to whether Syriza will secure an outright majority, which would raise the risk of a standoff with Greece’s European lenders over austerity measures as well as the stance of Syriza leader Alexis Tsipras.
“Usually politicians say populistic things before an election. So now the question is how much they are going to stick to the promises made to the Troika,” said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank.
Market participants saw the risk that euro selling would pick up during the Asian session if Syriza secures an outright majority.
Such a scenario could trigger a test of $US1.10, where large options lay, according to several research notes.
The EU understands that if they let Greece out, other countries are going to be like “hey, we hate this also.” So you are going to see some serious moves from Merkel in the wake of this. They seem to be willing to let the Euro drop even further.
Interesting times.
