Mish's Global Economic Trend Analysis |
Round Two of Greek Presidential Election Fails; One More Chance or National Elections Posted: 24 Dec 2014 12:49 PM PST Rounds one and two of Greek presidential elections ended in failure. Recall that it takes a super-majority of 60% of parliament (200 votes), to elect a president, in the first two attempts. The third an final chance takes 180 votes. Even though this is a ceremonial position, should parliament fail to elect a president in three rounds, parliament dissolves and new national elections for prime minister and parliament take place. That has the nannycrats in Europe concerned. Alexis Tsipras, leader of opposition party Syriza, has vowed he will demand a sizeable write-off of Greece's sovereign debt if elected. Syriza is in the lead so fearmongering by the EU has been extreme. The Financial Times reports Greek Parliament Fails to Elect President in Second-Round Vote. Stavros Dimas, the governing coalition's candidate, won 168 votes, eight more than in last week's first-round ballot, following a last-ditch appeal for consensus by Antonis Samaras, the prime minister.Bribes to the Rescue? On December 9, I said Snap Elections May Pave Way for Eurozone Exit; Expect Bribes. Certainly the political class in Greece, in Germany, in France, in the US and for that matter everywhere will be out in full force denouncing Syriza.Greek Bribery Charges Last Friday, Pavlos Haikalis of the Independent Greeks party said at a news conference he been offered about €700,000 ($860,000) in cash and help in repaying an outstanding bank loan, as well as advertising contracts to vote for the government's candidate. He estimated the total package to be worth €2 million to €3 million. The Wall Street Journal said Greek Bribery Claims Dismissed for lack of evidence. I am suspicious of the amount, and also because the vote does not seem close enough, at least yet. Then again, I expected bribes, favors, threats, and fearmongering, so had this occurred, it would hardly be shocking. In addition to the claims by Haikalis, Reuters points out "Prosecutors have been investigating similar accusations of political bribery in recent weeks but have not laid charges against anyone." Of course, the party in power never prosecutes itself for offering bribes. Had the charges gone the other way, there would have been an investigation with much fanfare, media attention, and flag-waving. Fearmongering and Interference On December 14, and as predicted, the Guardian reported EU Finance Chief Flies into Athens as Grexit Fears Mount. In response, Leftwing leader Alexis Tsipras cried foul over 'fearmongering and interference' from Brussels. The third and final vote is on December 29. If this thing is at all close, expect more bribes. Even if it's not close, fearmongering by the EU and current prime minister Antonis Samaras is 100% guaranteed. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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