Business

Results: Pro-Bailout Party Wins Greek Elections

Results: Pro Bailout Party Wins Greek Elections

(Photo: AP)

ATHENS, Greece (The Blaze/AP) — Fears of an imminent Greek exit from Europe’s joint currency receded Sunday after the conservative New Democracy party came first in a critical election and pro-bailout parties won enough seats to form a joint government.

As central banks stood ready to intervene in case of financial turmoil, Greece held its second national election in six weeks after an inconclusive ballot on May 6.

With one party advocating ripping up Greece’s multibillion-euro bailout deal, the election was seen as a vote on whether Greece should stay in the 17-nation joint euro currency. A Greek exit would have had potentially catastrophic consequences for other ailing European nations, the United States and the entire global economy.

With 82.5 percent of the vote counted, official results showed New Democracy winning 30 percent and 130 of the 300 seats in Parliament. The radical anti-bailout Syriza party had 26.6 percent and 71 seats and the pro-bailout Socialist PASOK party came in third with 12.5 percent of the vote and 33 seats.

The anti-immigrant nationalist Golden Dawn party had 6.9 percent and 18 seats, while the Democratic left won 6.1 percent and 18 seats.

(Related: Everything You Always Wanted to Know About Greece Leaving the Euro [But Were Afraid to Ask])

The parties have starkly different views about what to do about the (EURO)240 billion ($300 billion) in bailout loans that Greece has been given by international lenders, and the harsh austerity measures that previous Greek governments had to accept to get the funds.

New Democracy leader Antonis Samaras cast Sunday‘s choice as one between keeping the euro and returning to Greece’s old currency, the drachma. He has vowed to renegotiate some of the bailout‘s harsher terms but insists the top priority is for the country to remain in Europe’s joint currency.

“The Greek people today voted for Greece to remain on its European path and in the eurozone,” Samaras said after his party won. “(Voters chose) policies that will bring jobs, growth, justice and security.”

Syriza chief Alexis Tsipras, who had tapped into a vein of deep anger over the plunging living standards faced by many Greeks, had wanted to rip up Greece’s international bailout deals and roll back the new taxes, job cuts and pension cuts imposed in the last two years.

That plan will have to wait, since the party that comes in first – New Democracy – gets the first stab at forming a new majority in Parliament. If they fail, the next highest party gets to try.

Tsipras congratulated Samaras and conceded the election.

The head of Greece’s socialist PASOK party, meanwhile, proposed that a unity government be formed of four top parties, including Syriza despite its anti-bailout views.

PASOK’s Evangelos Venizelos, who spent months negotiating bailouts as Greece’s finance minister, suggested dumping the usual procedure of each party seeking coalition partners. He said a government must be formed quickly and suggested one between New Democracy, Syriza, PASOK and the small Democratic Left.

“There is not one day to lose. There is no room for party games. If we want Greece to really remain in the euro and get out of the crisis to the benefit of every Greek government, it must have a government tomorrow,” Venizelos said after results were announced.

Germany‘s finance minister welcomed the New Democracy party’s victory as a decision to “forge ahead” with implementing far-reaching reforms. Germany’s foreign minister said it was important for Greece to stick to its agreements with creditors, but held out the prospect that Athens might be given more time to comply with them.

Germany – Europe’s biggest economy – has been a major contributor to Greece’s 2 multibillion-euro rescue packages and a key advocate of demanding tough, and highly unpopular, austerity and reform measures in exchange.

Greece has been dependent on rescue loans since May 2010, after it was locked out of the international markets following years of profligate spending and falsifying financial data. The spending cuts made in return for the bailout loans have left the country mired in a fifth year of recession, with unemployment spiraling above 22 percent and tens of thousands of businesses shutting down.

The austerity measures have included deep spending cuts on everything from health care to education and infrastructure, as well as tax hikes and reductions of salaries and pensions. They have provoked near-daily strikes and protests.

Virtually unknown outside of Greece four months ago, Tsipras and his party shot to prominence in the May 6 vote, where he came in a surprise second. But his pledges, which included canceling planned privatizations, nationalizing banks and rolling back cuts to minimum wages and pensions, horrified European leaders as well as many Greeks.

Experts said his proposals would lead to Greece getting tossed out of the eurozone and immediate, severe economic hardship at home for years.

The vote went smoothly except for one incident in which 10 men armed with sledgehammers and wooden bats attacked a polling station in central Athens, wounding two policemen and setting fire to the ballot box.

Greek police were also investigating the discovery Sunday of two unexploded hand grenades outside private Skai television station on the outskirts of Athens.

Sunday’s result is likely to relieve investors, but stock analysts were already warning that any bounce for financial markets could be short-lived.

“Treat knee-jerk market rallies with caution,” Neil MacKinnon, global macro strategist at VTB Capital, advised clients. He warned there were still too many questions about Europe’s handling of its debt crisis, plus warning signs of a slowing global economy, to celebrate the Greek vote.

Update: Although many see today‘s election as a good step in fixing the eurozone’s financial problems, the issue is far from resolved. In fact, according to Business Insider’s Joe Weisenthal, there may be some trouble brewing among the various Greek parties.

Many believed that the “New Democracy [party] would win and then form a government alongside third-place PASOK. Between the two parties, they’d have 159 seats, enough to gain a majority in the 151 seat Hellenic parliament,” he writes.

However, this is where things might get complicated:

…PASOK may not be willing to join the government unless the leftists of SYRIZA also joined and formed a government of national unity.

This is very destabilizing, potentially, but it is logical politics.

Here’s the deal, this was possibly going to be a great result for SYRIZA even though they lost. The next months are going to be wrenching, and the conventional wisdom was that in 4 to 8 months, Alexis Tsipras would come back in new elections, trouncing the establishment parties, who would be tainted by more failed bailouts.

Now PASOK is threatening to take that move off the table, and force SYRIZA to be responsible for the collapse of the government, or at least take away the option of sitting back as the opposition, and letting PASOK and New Democracy failed.

It’s a dramatic gambit that threatens more chaos, and perhaps another election.

Simply put, “by all accounts it looks like the conservative, pro-bailout party won, but there is still doubt as to whether a government can be formed.”

This is a breaking news story.  Updates will be added. 

Comments (92)

1 2
  • beckNcall
    Posted on June 17, 2012 at 8:55pm

    People want freebies more than freedom? Sadly I believe America is in the same place……..at least we know 47% of the population loves the give mes.

    Report Post » beckNcall  
    • The Gooch
      Posted on June 18, 2012 at 1:24pm

      If this is what amounts to conservatism in the eyes of Europe (AND the U.S.), not only is Greece screwed, but so is Europe. And, yes, possibly the world.
      Can we ever expect a govt. entity to take its medicine and reap what it has sown by leave of the governed? If we engage in “profligate spending”, it’s called spending beyond our means and incurring debt; if we engage in “falsifying financial data” it’s called lying, fraud and criminal.
      This continuous attempt to save people (or, more correctly, governments) from themselves will not end well. This stinks of a catalyst to world-engulfing conflict. Especially when you insist other nations (most prominently being Germany) be left holding the bag while p!ssing and moaning you (in this case Greece) should not radically alter your lifestyle to reflect reality.
      “This time it will be different!” Sure it will….

      Report Post »  
  • IMPrepared
    Posted on June 17, 2012 at 8:45pm

    What a bunch of losers! Let ‘em fall and collapse! They deserve it.

    Report Post » IMPrepared  
    • abbygirl1994
      Posted on June 17, 2012 at 11:03pm

      It will come, and like stacked dominoes, every country will fall one right after another. They planned it that way! It is a battle between good and evil. All they are doing is putting a bandaid on a massive wound! They are just medicating a wound that cannot be healed! I am prepared to.. and pray that more people will do the same! “If ye are prepared, ye shall not fear”!

      Report Post » abbygirl1994  
    • mike_trivisonno
      Posted on June 18, 2012 at 9:32am

      Extinguishing the Light of Greece, which has illuminated our intellectual landscape for millennia, will be a massive, epic victory for the forces who desire to enslave the planet. Epic.

      Muslims the planet over are rejoicing as the West literally cannibalizes itself. Europe is so weakened that they are not able to save themselves from themselves let alone from the muslim hordes who will feast on the remains of Old Europe.

      It hasn’t been this bad for Western peoples since the muslims made the streets of Constantinople run red with blood.

      Europe better find God quick or they will be shackled to the Allah deity enshrined in Mecca, Saudi Arabia.

      I would urge all the non-muslim armies to march upon Mecca, dismantle it, and throw it all into the ocean.

      Report Post » mike_trivisonno  
    • G-WHIZ
      Posted on June 18, 2012 at 11:35am

      Dontworry…the bailouts will only last afew weeks or months, and the samething will happen again and again!…until the whole EU is broke. Then Obama/Fed-Res. will necessarily have to bail out the entire EU! The FedRes-bank Is [Not-Accountable] to ANYONE!! wethepeople elect a faux-pres-of-fed-reserve every 6yrs. He is pre-sellected by the builderburgs(same as who selects our -pres since LBJ) and then approved by the lemmings/progs in comgress automatically!

      Report Post »  
    • The Gooch
      Posted on June 18, 2012 at 1:31pm

      Oh, they likely will do just that. But what you see at play is the human animal saying, once again, “If I’m going down, you’re coming with me.” Funny how history shows this tale being played out more than once. It tends to come to its climax with bullets and bombs.

      Report Post »  
  • brian9711
    Posted on June 17, 2012 at 8:40pm

    Dear German citizens, just wondering how long you will continue working your buts off and not retiring until your 67 or older, so the Greeks, Italians, French and Spaniards can party it up, life the good life and retire at 59/60 ? Your crazy!!

    Report Post »  
    • LameLiberals
      Posted on June 17, 2012 at 11:10pm

      What are you talking about?

      Americans GAVE BILLIONS over $30 BILLION so far to the IMF to bail out Greece. Obama is giving him more. Germans LIKE GREEKS get 30 days PAID VACATION a year by LAW. American workers DO NOT and we have to retire on a PITTANCE of SS while Greeks and Germans get full pensions.

      The Germans are laughing at Americans!!! We are NOT even part of the EURO.

      Report Post »  
    • G-WHIZ
      Posted on June 18, 2012 at 11:28am

      …as soon as 67?? Shurely, you jest ! The “jerries” will be working until they are falling into their holes…dead!!…80.90.105yrs, each!

      Report Post »  
  • Mutiny
    Posted on June 17, 2012 at 8:14pm

    The status quo continues!!!! When this thing collapses it is going to be epic.

    Report Post » Mutiny  
    • Nate W.
      Posted on June 17, 2012 at 8:31pm

      Hmmm… I never really cared for epics. :(

      Report Post » Nate W.  
    • JACKTHETOAD
      Posted on June 18, 2012 at 1:26am

      Where’s Charlton Heston when you really need him?

      Report Post » JACKTHETOAD  
    • The Gooch
      Posted on June 18, 2012 at 1:44pm

      Isn‘t it ironic how this time around it’s Germany that is expected to stabilize the continent and keep it all from falling to crap? Good luck with that.

      Report Post »  
  • gr8t2bfree
    Posted on June 17, 2012 at 7:57pm

    Nothing has changed. Only delayed. Greece will die………..

    Report Post » gr8t2bfree  
  • Charles
    Posted on June 17, 2012 at 7:11pm

    They have “defeated fear”? They have no idea what fear is. They will learn.

    Report Post »  
    • historyguy48
      Posted on June 17, 2012 at 7:35pm

      Most likely a very temporary fix. 4-6 weeks and here we go again. Soro’s is correct, again! September or October Europe goes down the tubes and takes down the enitire house of cards with it.
      King Obama the First will become Dictator for life through martial law.

      Report Post » historyguy48  
    • Independent4233
      Posted on June 17, 2012 at 7:38pm

      Yes, they’re not out of the woods at all.

      I‘m just wondering if they realize that even with austerity measures and tax increases they’re still going to come up short for every budget until they can return to a sound fiscal policy, which is going to be nearly impossible to do.

      Although they’re better off in the short term than if the leftists had won, they’ve only succeeded in delaying their demise for a bit longer.

      Leaving the EU and returning to the Drachma would have been better for them in the long run. They would have had some pain for quite a while, but they would be on a solid basis afterwards. As it stands now, they could very well explode into unchecked social conflict, as they attempt to control expenses and increase revenues.

      If I were Greek, I wouldn’t be celebrating anything.

      Report Post »  
  • gpk
    Posted on June 17, 2012 at 7:03pm

    Bend over Germans here comes some Greek love.

    Report Post »  
  • Micah.Stone
    Posted on June 17, 2012 at 7:00pm

    Results: Pro-Bailout Party Expected to Take Greek Elections…they’re just like OBOZO supporters: GIMME, GIMME, GIMME.

    Report Post » Micah.Stone  
    • starman70
      Posted on June 17, 2012 at 7:52pm

      POOR MIS-GUIDED GREEKS! I don’t care how many Euros of bailout they get, every bit ofit will be flushed down the same toilet as all the money the Greeks have wasted up to now. They can not and will not rescue their economy until they END all the far left social programs and institute severe austerity measures.

      Same goes here. California leading the pack but numerous other states are deeply in the red because of their wild spending and dwindling tax base.

      I’ve heard Union members crying elephant tears about loss of some benefits, having to pay more into healthcare and retirement funds and having to give up some positions causing the remainder to have to work harder. Well, complain if you must BUT you are better off having a job and some reduced benefits than to see your governmental agency have to lay off its entire workforce or totally revoke all the benefits given for so many years because they are broke.

      Unions have held this country by the throat, just as they have in Europe. It’s high time for voters in America to have their states enact RIGHT TO WORK LAWS and end the stranglehold of the taxpayers and businesses by the unions. If we don’t, we will just become another Europe. Were almost there now but there is still time. We can save the country.

      Report Post »  
  • NOBALONEY
    Posted on June 17, 2012 at 6:52pm

    98.68% Reporting: New Democracy 29.67% Syiza 26.89% Pasok 12.3%. New Democracy ( + 50 seats for winning) and Pasok can form a government.

    Report Post » NOBALONEY  
    • The-Monk
      Posted on June 17, 2012 at 8:25pm

      ….and Pasok can form a government. And if he fails Syiza gets to try (by their laws). : (

      Report Post » The-Monk  
    • The-Monk
      Posted on June 17, 2012 at 9:08pm

      Here’s the problem;

      These people are not going to work together.
      Why?
      For one, they each think their party has the answer and two, their law says that the winner can TRY to form a Government and three, if the winner does not set up a Government the runner-up gets to try.

      Each party will work against each other until their turn to TRY comes up.

      Report Post » The-Monk  
  • LameLiberals
    Posted on June 17, 2012 at 6:46pm

    Nationalize the banks –

    These IDIOTS think like American democrats and RINOs. Just PRINT MONEY to pay you bills. But that LOWERS the value of every dollar. I am doing Ancestry.com and cannot believe in the past how people had a stay at home mother and 5-10 children EACH FAMILY. But the dollar went much farther back then.

    Back then, Lucy Ricardo and Harriet (of Ozzie and Harriet) could buy a whole lot of food, etc for one dollar.

    Part of why the American family fell apart is because the dollar is SO WORTHLESS now it take TWO PARENTS working just to buy that same food – the basics.

    If Americans did NOT have to pay the defense budget of 900 American military installations in foreign countries (LET THEM PAY FOR THEIR OWN DEFENSE) and have a WAR every year sometimes muliple wars – fighting countries that do NOT pose a threat to us but DO POSE a threat to stopping oil to China (Libya) or France (Libya) or in Iraq (US and the rest of Europe). Unlike Europe, the USA has OIL. We should drill for our own oil and stay out of the Middle East and STOP all the wars. But the IDIOT RINOs and IDIOT Democrats keep dragging us into more wars. Obama dragged us into Libya and into Africa. RINO Napoleon Complex McCain who never met a war he didn’t want to fight – wants to drag us into Iran. ENOUGH.

    Report Post »  
    • OlefromMN
      Posted on June 17, 2012 at 6:55pm

      So we can gather that you are against the “military industrial complex”? Say howdy to Ron for me.

      Report Post » OlefromMN  
    • LameLiberals
      Posted on June 17, 2012 at 6:59pm

      Say Howdy to Obama also.

      Libya is MORE of an illegal war than Iraq and he dragged soldiers into Africa and is building another military base in Australia – a country flush with money that can pay for its own defense.

      Report Post »  
  • KyleD
    Posted on June 17, 2012 at 6:43pm

    I don’t understand, how can the party be conservative and pro-bailout at the same time? Am I missing something? Maybe I just don’t know the nuances of the Greek bailout.

    Report Post »  
    • LameLiberals
      Posted on June 17, 2012 at 6:54pm

      I don’t get it either.

      Their conservative party sounds like our RINOs and Blue Dog Democrats

      and their liberal party sounds like communists/socialists that the democrats in the USA are today.

      They don’t seem to have a real conservative party.

      Report Post »  
    • MetalPatriot
      Posted on June 17, 2012 at 8:24pm

      That’s what I took away from this article too. Are they “conservative socialists”?

      “Samaras said after his party won. “(Voters chose) policies that will bring jobs, growth, justice and security” —

      Is anybody curious why the term “justice” is thrown in there?

      Speaking for myself, I went bankrupt. That IS justice for my excessive spending/income ratio. Now, there’s no credit…only get what I can actually & literally afford. It’s been a blessing.

      I think the world needs this same type of blessing. It makes no sense that everybody is lending/barrowing/lending. There’s nothing of substance (REAL) taking place…nothing produced.

      Report Post » MetalPatriot  
    • KC1
      Posted on June 17, 2012 at 8:47pm

      Seems exactly like our current political situation here doesn’t it? Romney or Obama, neither believes Free Markets are the solution. To bad we didnt have someone who believes in Free Markets and the Constitution that we could have nominated…

      Report Post »  
    • LameLiberals
      Posted on June 17, 2012 at 11:08pm

      KC1
      Posted on June 17, 2012 at 8:47pm

      Seems exactly like our current political situation here doesn’t it? Romney or Obama, neither believes Free Markets are the solution. To bad we didnt have someone who believes in Free Markets and the Constitution that we could have nominated…

      _______
      I agree. RomneyCare and ObamaCare – NOT FREE MARKET. Both are BIG GOVERNMENT – spenders. But Romney is the lesser of two evils and I will vote for him as long as he doesn’t choose another RINO as VP like Christ Christy or Jeb Bush. If he does – I am voting for Gary Johnson just like I FINALLY got fed up and voted for Ross Perot (over Bush Sr ) in 1992.

      I hope Romney chooses Rand Paul – someone to UNITE the party. A RINO and a true constitutional conservative.

      Report Post »  
    • LameLiberals
      Posted on June 17, 2012 at 11:12pm

      http://poorrichardsnews.com/post/6634402544/mitt-romney-is-a-liberal-part-2-romney-appointed
      http://gopprimary2012.com/a-look-at-romneys-judicial-philosophy-conservative-reform-in-the-most-liberal-state/

      Chazmo, ROmney appointed ONLY liberal judges some of the gay and there were 16 appointees

      Report Post »  
  • OlefromMN
    Posted on June 17, 2012 at 6:34pm

    “Pro-Bailout Center-Right Party Tops Vote in Greek Elections” This is so confusing that I can’t think if I should be happy or worried. It sounds good, but what does it really mean? Center-right would be a good thing, but pro-bailout is a bad thing. My how they have been able to blur the lines of good and bad.

    Report Post » OlefromMN  
    • KC1
      Posted on June 17, 2012 at 8:29pm

      Ha pro bailout, center right party. Sound like a political game we know well.

      To answer your question you should be worried. Dont be so quick to laugh at the Greeks for their political situation, since Romney has the nomination all sewn up were in the same boat with both parties believing the solutions will come from the Fed. Can anyone really say they believe Romney will drastically cut current spending (not future spending)? Or refuse to raise the debt ceiling? Or to discourage the Fed from taking more measures to increase liquidity? Considering his biggest concern, poll numbers, Im not holding my breath.

      Neither party believes the Free Market is the solution, in fact the man who suggested it was called senile and crazy, ironically by the same people who are now laughing at the Greeks.

      Report Post »  
    • OlefromMN
      Posted on June 17, 2012 at 9:19pm

      “Can anyone really say they believe Romney will drastically cut current spending (not future spending)? Or refuse to raise the debt ceiling? Or to discourage the Fed from taking more measures to increase liquidity? ”

      No, I can’t answer that one either. Nor could I if Ron Paul was the nominee. Good thing we are in a Constitutional Republic isn’t it? I can say I am sure Romney will not nominate a liberal justice however.

      Report Post » OlefromMN  
    • chazmo
      Posted on June 17, 2012 at 9:38pm

      are you sure he won’t??

      In all, Romney nominated nine registered Republicans, 13 unenrolled voters, and 14 registered Democrats to be judges or clerk magistrates.

      And I’d bet that of those republicans, at least some of them were liberal republicans like David Souter

      Report Post » chazmo  
    • KC1
      Posted on June 17, 2012 at 10:01pm

      Ha if your suggesting Ron Paul would have over stepped his constitutional powers as president to put forth an agenda your a fool who hasnt studied Pauls plans. You dont think that the debt limit, auditing the fed and slashing the deficit would have been his top priorities? Hes spoken about these issues to the point of his own political demise.
      Good luck with Romney and when we end up like Greece, every Santorum, Newt and Mit Neo con only has himself to blame.
      As far as the Supreme Court judges go, how much weight will be put on their decisions when the system collapses? I highly doubt that their decisions will matter much at all to a panicking, chaotic country with a president at the helm who bends at the slightest of political breezes.

      Report Post »  
    • LameLiberals
      Posted on June 17, 2012 at 11:15pm

      http://poorrichardsnews.com/post/6634402544/mitt-romney-is-a-liberal-part-2-romney-appointed
      http://gopprimary2012.com/a-look-at-romneys-judicial-philosophy-conservative-reform-in-the-most-liberal-state/

      Chazmo, ROmney appointed ONLY liberal judges some of the gay and there were 16 appointees

      Report Post »  
  • Patrick
    Posted on June 17, 2012 at 6:03pm

    Anyone see that can?

    Report Post »  
  • progressiveslayer
    Posted on June 17, 2012 at 5:57pm

    Yes because bailouts worked so well here,15% unemployment 16 trillion in the hole and a Marxist POS president to top it off. Yes Greece by all means do the bailout thing you’ll be fine,how’s that barter system working out for you?

    Greece is a socialist country and big surprise it will eventually default no matter how much funny money the EU throws at the idiots.

    Report Post » progressiveslayer  
  • ScottG-CO
    Posted on June 17, 2012 at 4:44pm

    So, everyone is worried about a measly 300 billion??? What about the US and it’s 16 TRILLION???

    Folks, we are 19.34 TIMES as far in debt as Greece on a per capita basis!

    Report Post »  
    • NHwinter
      Posted on June 17, 2012 at 5:04pm

      It appears the majority does not want to sacrifice for the good of their country. Not in America either. We need someone to stand up and say what Kennedy said – ask not what your country can do for you, but what you can do for your country. The stupidity continues, or the NWO agenda is being carried out systematically by the agreement. If we can see what is happening, then you know they also see and are doing it deliberately.

      Report Post » NHwinter  
    • Hobo Boondocks
      Posted on June 17, 2012 at 5:17pm

      Yeah, but as Obama would say, “We’re 19.34 times smarter in dealing with OUR debt, we need more stimulus spending, that’s the ticket!”

      Report Post »  
    • lukerw
      Posted on June 17, 2012 at 5:26pm

      PLUS whatever is on the Federal Reserve Books!

      Report Post » lukerw  
    • LibertyGoddess
      Posted on June 17, 2012 at 5:32pm

      As quoted in Jurassic Park…“hold onto your butts”! Just keep preparing. The most we could do is hold off calamity for a few more years, but we are too far gone to stop it. It is all about preparation NOW. Get out of debt now or you will lose everything later! Buy food storage now, or you will pay through the nose later. Those of you who are praying, the “voice” has been telling you, PREPARE. That is the answer. That is what you have control over.

      Report Post » LibertyGoddess  
    • dusanmal
      Posted on June 17, 2012 at 6:39pm

      @NHWINTER Story does some dis-service, particularly with the title. Truth is that Greeks were offered two major and one minor “new” choice:
      1) New Democracy party who is for bail out but wants to at least do something to correct the path Greece is on. Maybe not a striking choice for US Tea Party people but believe me – on a Greek scale, that is as good as possible.
      2) Coalition of the Left who wanted simply to ABANDON obligations (and aim for greater destabilization of EU and Capitalism in general through that abandon).
      3) Extreme Right of neo-nazis who under the guise of “fixing the system” want destruction and destabilization chaos in which they can strive.

      It is positive that Greek people chose not to abandon their obligations. We must understand from where they are coming and how hard that choice is (it certainly means harder lives for them). Though drop in support for neo-nazis was not that great – it dropped some, also a good sign as just a month passed since the last vote.

      So, hard line Progressives and extreme Right (bound to the same chaotic end cause) lost some. Not much. But lost some. Very important step. We must better understand the situation there and not expect miracles from the society that have drifted so far. We must take lessons not to repeat their drift. Any step in responsible direction must be welcomed.

      Report Post » dusanmal  
    • jito44
      Posted on June 17, 2012 at 6:47pm

      We could just see CA to the Chi-Comms.

      Report Post »  
    • LameLiberals
      Posted on June 17, 2012 at 6:51pm

      $16 TRILLION is what we owe NOW.

      $30 BILLION a day in interest alone. THAT is why The Fed is keeping US interest rates so low. No one in the USA makes SQUAT in savings now. Why? Because the USA can BARELY AFFORD to pay $30 BILLION in interest a day and if The Fed raised interest rates – that makes $30 Billion go HIGHER and we would default. We are NOT TOUCHING the principal amount – only barely paying the interest rate.

      A lot of countries like Australia pay HIGH bank savings interest.
      http://www.smartypig.com.
      This is a joint USA/Australian bank. Look at the PATHETIC interest rate Americans get and then click the top right hand screen from USA to Australia and they get 5% or more. Australia doesn’t have to keep their interest rates low like we do. Don’t bother trying to open an Australian account – you have to live there. I think Romney has overseas accounts to get the HIGHER interest rates. And to diversify his money into different country money WHEN the dollar dies.

      Report Post »  
    • LameLiberals
      Posted on June 17, 2012 at 6:58pm

      The USA is well over $100 TRILLION in debt if you count the UNFUNDED LIABILITIES.

      $16 million is what we owe TODAY. But 10,000 baby boomers retired EVERY DAY since last year and ALL EXPECT their SS which the USA spent on wars and foreign country charity, defending the world, etc etc. And every one of them want MediCaid which was spent also. AGAIN – this money was mostly spent on NON-AMERICANS.

      Report Post »  
  • moonsbreath
    Posted on June 17, 2012 at 4:37pm

    Too bad. Sooner than later, even our own stock market needs to be adjusted for real life and I was hoping that a crash would get it over and done with, like pulling off a band-aid.

    Report Post » moonsbreath  
    • lukerw
      Posted on June 17, 2012 at 5:31pm

      Whom told you that the Stock Market reflects Economics?

      It’s a Casino: Perception of a possible OutCome drives the Prices!

      Report Post » lukerw  
    • MetalPatriot
      Posted on June 17, 2012 at 8:29pm

      @Luker

      How dare you speak the truth! What are ya trying to do, educate?

      Report Post » MetalPatriot  
  • german_viewer
    Posted on June 17, 2012 at 4:24pm

    This is so sad. It means that we germans (I’m a German citizen) will have to pay for Greece (and Portugal and Spain and Ireland and Cyprus and Malta and Italy) even longer. I so wished it would have ended today.

    The next huge bailout (mostly German money), called ESM, is under way. The German Congress will vote on it at the end of June. They’ll need a two third majority in both houses. Why two third? Because they have to amend the German constitution. It forbids to bail out other countries. But it can be amended with a two third majority of both houses. They will get the majority.

    Something else and very similar to related things going on in the U.S.: The German Supreme Court is very likely to block the new bailout. It will make a decision AFTER the bailout has been voted on by the house and the senate. But its decision will be useless. Because the German chancellor will sign the multilateral treaty that is the basis of the new bailout directly after the vote. Even if the Supreme Court eventually will nullify the vote, the treaty will still be in effect and cannot be altered.

    Obama could surely learn something from the German chancellor about how to destroy the constitution and the country.

    Report Post » german_viewer  
    • slr4528
      Posted on June 17, 2012 at 4:48pm

      M grandparents are German immigrants and they are scratching their heads with regards to the bailouts. It most certainly sounds like President Obama has the same game plan for the US. Maybe all the world’s leaders want to bankrupt their countries to cause world chaos which in turn will lead to one world government with everyone dependent upon everyone else. Good bye Freedom. These leaders are mortgaging their citizen’s futures!!!!!

      Report Post »  
    • NHwinter
      Posted on June 17, 2012 at 5:07pm

      Europe never should have agreed to the Euro. They should have kept their soveriegnty. None of this would have happened. It has all been planned to fail. NWO coming.

      Report Post » NHwinter  
    • lukerw
      Posted on June 17, 2012 at 5:33pm

      Thank… Otto von Bismarck… who was willing to Share the Wealth, but not the Power… and use the Power to Tax it back!

      Report Post » lukerw  
    • lukerw
      Posted on June 17, 2012 at 5:36pm

      @NH…
      The people did not agree… but their Elite Rulers did!

      Report Post » lukerw  
    • lylejk
      Posted on June 17, 2012 at 5:47pm

      Just because Greece agreed to stay in the Euro, doesn’t mean the other members of the EU should allow them too. If they continue to take the handout’s without true austerity, then the remaining members of the EU are just feeding a relative who refuses to go home after a long stay (i.e., the EU are idiots for continuing to fund this social welfare state). lol

      We shall see what ends up happening, but I’m sure the Stock Market will temporary rise tommorrow here. The Market and the Economy are now truly are on two different roads and right now those that play roulette are winning, but just remember; it’s hard to eat paper. :)

      Report Post » lylejk  
    • RLTW
      Posted on June 17, 2012 at 5:53pm

      Unfortunately Germany has a vested interest in Greece, many wealthy Germans own large properties, vacation homes and businesses there.

      Report Post »  
    • LameLiberals
      Posted on June 17, 2012 at 7:03pm

      German Viewer

      Americans already paid over $30 BILLION to the International Monetary Fund – probably more – money to be used to bail out EUROPEAN countries who get to RETIRE at 50-55 with full plush pensions and whose workers get MANDATORY 30 days PAID vacation a year. USA workers – unless goverment workers – DO NOT GET THESE benefits. At least you do. American workers are SCREWED being FORCED to bail out other countries with better benefits than we get.

      Report Post »  
    • german_viewer
      Posted on June 17, 2012 at 11:36pm

      @LAMELIBERALS:

      Yes, you’re right, even the U.S. was forced (through the IMF) to pay for the bailouts. What a shame! So maybe you can imagine how I feel as a German being forced by my government to pay much, much, much more than $30 billion for Greece and all the other bailed out countries.

      It’s not only the bail out money. The Euro currency systems involves something that forces the central banks of the richer countries to give bankrupted countries an unlimited amount of money – called TARGET 2. Google it.

      Germany’s central bank (“Bundesbank”) alone has loaned countries like Greece, Spain and Portugal more than $900 billion. This is money we most likely will never see again. And there is no way to stop it other than Germany leaving the Euro. But in this case the $900 billion are gone forever.

      The bailout money Germany has given other European countries (direct money, ESM, TARGET 2 and EFSF) add up to almost 50 % of Germany’s GDP. This is the same as the U.S. paying $7.5 trillion to bail out other nations.

      Report Post » german_viewer  
    • alexanderj3
      Posted on June 18, 2012 at 9:30am

      The problem isn’t the Euro itself. It’s the execution in which the Euro has been run over. Greece got themselves into this problem and its not because of Germany. Germany believes in the practice of a sovereign state. They do not want to tell other people how to run their economy. They feel that the Greeks and other countries within the Euro should manage their own problems and solve their own issues. The Greek banks and Spanish banks are not a fault for this entirely it solely lies on the shoulders the government in which the people of both these countries voted in and support for many years. Greece can’t pay back the 300 billion euro debt they have but Spain does have a chance in order to pay back. Greece basically has two options get out and go back to its old currency or stay in and try to payback their debt. Germany should not and will not help Greece payback their debt.

      Report Post »  
    • german_viewer
      Posted on June 18, 2012 at 11:22am

      @ALEXANDERJ3:

      I totally agree with. But there is one point you got wrong: “Germany [...] will not help Greece payback their debt.” Unfortunately Germany is helping Greece to payback their debt. Germany has paid (directly or indirectly) almost $1 trillion to bailout other countries (not only Greece).

      Report Post » german_viewer  
  • ianmc002
    Posted on June 17, 2012 at 4:18pm

    The paper dragon is on fire Greece. How much longer can you and (u)(s) hold it together?

    Report Post » ianmc002  
  • Hobo Boondocks
    Posted on June 17, 2012 at 4:06pm

    When you know the record of the Greek government’s utter failure on upholding human rights of its citizens during the past 40 + years, spending borrowed money on government workers as though the cash would never need to be repaid etc….one cannot help but feel all the turmoil experienced by those that put the fools in power that caused this particular mess deserve what has and will happen to the country economically. Reminds me of the current situation in the U.S.

    Report Post »  
  • The-Monk
    Posted on June 17, 2012 at 4:00pm

    Fire Extinguisher codes are A, B C and D. We need to invent a “G” code.

    A= Ashes (paper and wood fires)
    B= Buckets, barrels or bottles (chemical fires)
    C= Current (electrical fires)
    D- Ding (metal fires)

    G= Greece fires

    Report Post » The-Monk  
    • Mutiny
      Posted on June 17, 2012 at 8:17pm

      We need a U also, for United States fires. We keep electing spenders. Romney and Obama are both spenders sending us to bankruptcy.

      Report Post » Mutiny  
    • The-Monk
      Posted on June 17, 2012 at 8:32pm

      @Mutiny

      And Ron Paul did a real good job with all his “earmarks” too. Right?

      He spends just like the rest when he has the power to do so. And talk about Honor?
      RP will add his earmarks to a Bill he knows will pass and then either does not vote or votes no just to be on the record for voting against the Bill.

      Dr. Ron Paul is a lying, dishonorable politician just like the rest of them.

      Report Post » The-Monk  
  • bpdIHBFL
    Posted on June 17, 2012 at 3:58pm

    OH GREAT!! They just kicked the can down the road again. It’s only going to hurt a lot more later.
    On the other hand it gives more time to prepare. God, Guns, Grub, Gold, Gas, Goods

    Report Post »  
  • nobull14
    Posted on June 17, 2012 at 3:43pm

    listening to fox they said it too close to call ? the blaze might be jumping the gun in this case

    Report Post »  
  • Mathew Manhorne
    Posted on June 17, 2012 at 3:33pm

    Such sad news . I so want to see the EU and the Euro collapse…..The world will never be free with a so called “United” Europe. They are all socialist and must not be allowed to hold onto the power that the Euro has given them…

    Report Post »  
  • Individualism
    Posted on June 17, 2012 at 3:25pm

    if this is true its basically the people saying they love being enslaved, very sad or it could election fraud or election rigging done by a private party of the EU. we have it in America allot to.

    Report Post » Individualism  
  • lukerw
    Posted on June 17, 2012 at 3:21pm

    So, again… the Greek 300 are sent… to block the Pass against Evil!

    Report Post » lukerw  
1 2

Sign In To Post Comments! Sign In

Sign Up For Our Newsletter!

Glenn Beck Radio

Listen to Glenn Beck 24/7 Listen Now
Restoring Love