The Greece situation is still unresolved

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The pro-austerity New Democracy party edged out the anti-austerity SYRIZA party in Sunday’s Greek Parliamentary elections. However – New Democracy didn’t pick up enough seats to a have a majority in government and thus must cobble together a coalition government with other parties.

But the SYRIZA party – which came in second and is staunchly opposed to more austerity, has rejected calls from New Democracy to form a coalition government. As part of the bailout agreement – Greece must raise more than 15 billion euros in revenue by selling off its commons, cutting budgets, and laying off about 150,000 government workers. But in order to form a coalition government – the New Democracy Party may be forced to renegotiate these terms.

Meanwhile in France – Parliamentary election gave the Socialists a big victory over the weekend. Now in control of both chambers of Parliaments and the Presidency – French Socialists plan to soften the German-led austerity drive around Europe, raise taxes on wealthy people and corporations, and put more people back to work with stimulus spending.

So even though Greece fell just short of striking the first major blow to the technocrat’s European austerity agenda – France succeeded and for the first time since the global economy went into a meltdown in 2007 – austerity isn’t the only option on the table anymore.

Thom Hartmann Administrator's picture
Thom Hartmann A...
Dec. 29, 2009 9:59 am


Thank God for the victory in France, because the defeat in Greece was certainly an unfortunate surprise.

Karolina's picture
Nov. 3, 2011 6:45 pm

Yesterday's three national elections -- in Egypt, Greece and France -- simply prove once again that the quaint western notion of "democracy" is, in reality, little more than illusion and a sham. Please read "When 'democracy' proves to be a dud" in www.WRISEUP.COM.

Henry McRandall
Jun. 12, 2012 6:07 pm

Supposedly the New Golden Dawn Democracy BS party or whatever they call themselves are going to try to forge a coalition with the "socialists."

I have to retract my implication from one of your earlier posts Thom: I don't know that France won't show solidarity with Greece in taming the German lion. So you're probably right about the general trend against austerityism. At least on a continent-wide basis.

nimblecivet's picture
Jul. 31, 2007 3:01 pm

Here is a thoughtful article you can read about the parties and what has been happening and where things need to go...

Sonja's picture
Jul. 31, 2007 3:01 pm

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