The European Union coalition as it is now will live fight another election.
After inconclusive elections in May, Greeks went to the polls again this weekend for a vote that was seen by many observers as a referendum on the nation's participation in the European Union. Appearing to be an affirmation of Greece's desire to remain part of the euro zone, the center-right New Democracy party secured the most votes Sunday just ahead of the radical left SYRIZA party. As New Democracy works to form a a coalition this week, concerns grow as EU economic leader Germany had made it clear that they will not grant extensions regarding the terms of the Greek bailout nor will they be overly flexible about Greek meeting the benchmarks. Reuters reports:
However, a Berlin government spokesman made clear there was no question on going back on key economic reforms to slim down the public payroll, close loss-making public enterprises, privatise state assets and crack down on fraud and tax evasion.
"Now is not the time for any kind of "discounts" to Greece," deputy government spokesman Georg Streiter told a news briefing.
This hardline stance may come in conflict with Greek parties who have campaigned all in favor of the bailout but each with their own terms for accepting it. Furthermore, New Democracy has only a short amount of time to find a coalition among Greek parties, before then renegotiating with Germany.
Will the Greek election be a turning point or only the eye of the storm for those hoping to turn around the euro zone? Many fear that less than ideal market activity Monday may show that the election will not calm fears about the region's financial stability. The "Real News" panel was joined Monday by Ian Murray to discussed if this is all just a repetitive exercise which will eventually end in the slow decline of this financial union, and whether the election is really a reflection of the Greek people's desire to do what is necessary to remain in the EU: