Sunday, June 17, 2012

Lord Stirling's News Blog EUROPE


 Lord Stirling's News Blog EUROPE
Holy Shroud of Turin

The price on the ancient Scottish Barony that Lord Stirling has for sale has been reduced to UK 50,000 Pounds ~ link 

Greece election vote leaves Euro in balance ~ link
Although the New Democracy party won the largest share of the vote, it will have to rely on its discredited socialist rivals Pasok to form a coalition government to accept the bail-out, keeping Greece in the single currency.

Both parties, which have ruled Greece for 38 years, are widely blamed for a crisis that has taken the country to the brink of economic collapse. Between them they won only about 40 per cent of the vote. By contrast, parties that opposed the bail-out increased their share of the vote to over 46 per cent, with Syriza, the radical Leftist coalition that wants to discard the agreement, almost winning outright.
Syriza insisted it would not join any kind of national unity government and promised to provide strong opposition to any pro-bail-out coalition. 

Greek pro-bailout parties set for ruling majority ~ link ~ The Greek people have chosen to go to the Great Greek Mutton Feast...the problem is, they the Sheeple, are the menu!    Stirling     

Parties committed to a bailout saving Greece from bankruptcy were set to win a slim parliamentary majority on Sunday, beating radical leftists who reject the terms of the lifeline and bringing relief to a world braced for fresh financial turmoil.

The election result looked likely to yield a coalition government led by conservative New Democracy but leaves an emboldened SYRIZA bloc to rally angry opposition in the streets to the punishing terms of the bailout. An official projection released by the interior ministry showed New Democracy taking 29.5 percent, with SYRIZA just behind on 27.1. The PASOK Socialists were set to take 12.3 percent of the vote.

Bailout forces in charge after Election Win ~ link Because of a 50-seat bonus given to the party which comes first, that result would give New Democracy and PASOK 161 seats in the 300-seat parliament, in an alliance committed to a 130 billion euro ($164 billion) EU/IMF bailout keeping the country from bankruptcy.

"I am relieved,'' smiling New Democracy leader Antonis Samaras told Reuters, leaving his office to joyous chants from supporters. "I am relieved for Greece and Europe. As soon as possible we will form a government.'' Samaras said in a speech that the country would honour its commitments to its euro zone partners. 

And Now...Let's Play Chicken ~ link ~ This is one to pay attention to.   Stirling    

Let me outline for you the scrub matches. The first is that the apparent winner of the Greek elections, the New Democracy Party, will try to form a colalition with the PASOK Party and this is what everyone is not betting on. The problem is that the PASOK Party has lobbed a grenade into the coalition discussion, announced by Katerina Diamantopoulou that Pasok will not join into a coalition government with the New Democracy Party unless Syriza also joins the coalition. Syriza stated moments ago it would not do this. The question then comes whether ND can form a government (150+ seats) with any of the other remaining parties including neo-nazi New Dawn or the communists. The answer is most likely not,so Greece again, for the moment, is nowhere. Then the New Democracy Party also campaigned on re-doing the terms of the EU bailout which Germany said earlier today would not be happening. The markets may well rally on the headlines but reality will set in soon enough I would think. At the moment, which could change in a Greek heartbeat or the smashing of a plate, Greece is in limbo once again and I would not be betting too heavily or cheering in the marketplacethat everything is resolved; it is clearly not.

Then the next game of chicken is not only will Germany/the EU back up from their position but will they give Greece more money because if they don't the country and the banks more money they both will default. So it is no government in Greece for the moment, playing chicken over the bailout terms, playing chicken over new money for Greece as their economy continues to  deteriorate and as they amount they owe now, much less any new money, cannot be paid back under any scenario that anyone can concoct. The headlines may well drive the markets' reaction briefly but "watch out below" will be what takes hold as it must because that assumption is based upon facts and not hype. 

Third Greek Election Coming??? ~ link ~ As reported in the previous post, the Greek PASOK party of former PM G-Pap may have thrown a grenade into coalition discussion, following an announcement by Katerina Diamantopoulou that Pasok will not join into a coalition government with ND unless Syriza also joins said coalition. Which Syriza stated moments ago it would not do. The question then comes whether ND can form a government (150+ seats) with any of the other remaining parties (up to and including neo-nazi New Dawn or the communists... why is there no Pirate party in Greece?). The answer is most likely not, but not before some serious horse trading shows that the second Greek elections has achieved nothing, and the world now has to look forward to a 3rd Greek election round, some time in August, and then another, and then another, until no more assets are left to be plundered from the state which will have no head for a long time. Incidentally, just as we predicted on May 3 in "Previewing The First Of Many Greek Elections"


French Socialists win an absolute majority in Parliament ~ linkWhile everyone is focusing on Greece, we have news from France:
So... does that mean that the recently reduced minimum retirement age wil be cut again, thank you Germany? 

Hollande's Socialists trump in French Parliamentary election giving President free rein to implement anti-austerity measures ~ link ~  Now we will see if Hollande is all talk, like Obama, or if he will really do what he was elected to do.   Stirling     

The result will see the new left-wing government challenging all of the austerity measures favoured by European Union allies including Britain and Germany.
Exit polls suggested that the Socialists won 291 seats – giving them an absolute majority in the 577 seat Parliament.


Egypt's Presidential Election Turns Toxic amid anger over 'Stolen Revolution' ~ link ~ Egyptian dream of democracy fading, as presidential runoff sees a disillusioned electorate forced to choose between 'Islamic rule' or 'the old regime'.

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