Greece calls fresh election after coalition talks fail

Greece calls new election after failing to form a new government after nine days of talks.

15 May 2012, 12:00am

1 min read

A second election is expected to produce opponents of the EU/IMF rescue consolidating their gains and raising the likelihood of an anti-bailout coalition that reneges on the deal keeping Greece afloat.

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A second election is expected to produce a divided parliament, between supporters and opponents of a €130 billion bailout deal that is reviled by Greeks for imposing deep wage, pension and public spending cuts.

According to international news media, the new election might consolidate the opponents of the EU/IMF rescue package and raising the likelihood of an anti-bailout coalition that reneges on the deal keeping Greece afloat.

"For God's sake, let's move towards something better and not something worse," Socialist leader Evangelos Venizelos told reporters after a meeting of party leaders failed to agree on a government of technocrats. "Our motherland can find its way, we will fight for it to find its way."

The news of a new election has already heavily impacted the financial markets who, worried that Greece's crisis could spread to bigger euro zone economies such as Spain and Italy, tumbled on the news.

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I have always been told "No one owes you a living". You must work for it. And the Greeks must understand that. They must understand also that solidarity has a limit. Here we made sacrifice and still making sacrifice to protest our economy. Whywe should bail out other citizens who don't give and don't want to give a damn about their economy?

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Read and enjoy still worried http://www.independent.co.uk/news/world/europe/panic-and-violence-in-the-streets-as-protesters-turn-against-politicians-7746779.html Panic and violence in the streets as protesters turn against politicians Summer of discontent looms with demonstrations against more austerity measures http://www.independent.co.uk/news/world/europe/world-braces-itself-for-greek-euro-exit-7746774.html World braces itself for Greek euro exit Markets plunge as coalition talks fail and policymakers admit Athens may quit single currency http://www.guardian.co.uk/world/2012/may/14/euro-single-currency-greece European leaders and financial markets braced for Greece exit from euro Return to drachma nears amid political impasse in Athens and open discussion in Brussels of possible end of single currency

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still worried the EU dictators can say what they like because the people are soveriegn and if they decide to leave both the euro and the EU the eu dictators can do absolutely NOTHING about it. Thank God the eu is disintegrating and nothing can save it. The euro is first to go, the eu shall follow.

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Greece cannot abandon the single currency. Proctor says the legal framwork governing the EU only talks about a member state leaving the BLOC-not the currency. A scenario that is hard to imagine, even if Greece were to consider a future byond EU borders for a few years,EU could revise these treaties.