It looks as if New Democracy (yes to the Euro, run by fat old crooks) will win the Greek election if it can form a coalition. But who cares anymore? Reading the wires Pasok ( yes to the Euro run by fat old crooks) has said that it will not join a coalition unless Syriza (no to the Euro, not sure if thin youthful leaders are crooks but as they are Greek politicians I assume so) joins too which it will not. And so quite amazingly Greece might actually need to have another election. Clearly this is the last thing it needs but the nation that gave us democracy is now showing us a variant where nothing ever happens because you keep on having elections. Madness.
It may be that the Pasok and ND crooks can get it together, for once putting the national interest ahead of lining their pockets. There must still be a few things left for a Greek politician to plunder. But this is now a sideshow. Do not get me wrong. I feel sorry for the Greek people but I have believed for eons that it was in their best interest to default on the sovereign debt, go back to the Drachma and rebuild from behind a competitive currency. Now, I suspect that will be forced upon them.
At least with Syriza Greece could opt to go back to the Drachma & default with a bit of pride. With the old crooks in power/no-one in power that last bit of pride will be gone – Greece will be booted out of the Euro.
Greek debt is essentially worthless anyway. The market is pricing in default. And Greece is a small country, those running the Evil Empire are far more concerned about economies that matter (Spain, Italy, France, etc). As such Greece is a sideshow. If I were running the EU ( and I think we can safely say that this will never be the case) I would tomorrow a) boot Greece out of the Euro and accept its bankruptcy and b) use that as the excuse to launch QE on an unprecedented scale.
Over in the US Ben “the printing press” Bernanke will need little encouragement to join in given recent woeful economic data. And I am sure that with growth slowing rapidly in places such as China (very rapidly if, as I suspect is the case, Chinese economic data is manipulated and thus the real position is far worse than the Government admits) others will join the party.
Forget poor Hellas it is now a bankrupt sideshow. The story is about to move on. In Greece itself anything can happen. It can keep having elections ad infinitum. The Military might move in. But whoever is in power they will be collecting their revenues in drachmas before too long. The sooner the better for Greece.
As a postscript, will those who suggested that the Elgin marbles be returned to Greece like to clarify whether they believe that it offers a safe home for such world treasures? If not, how about an apology. I suspect we will not see that – the “hand back the marbles” zealots are by and large the same sort of morons who suggested that it would be disastrous if Britain did NOT join the Euro. We are yet to hear an apology for that.