Sunday 17 June 2012

Greek Election – Next Steps

As of 22:30 Sunday evening, New Democracy is showing a wider poll result over SYRIZA. Antonis Samaras has made a victory acceptance speech at the Zappeio. Alexis Tsipras has telephoned Antonis Samaras to concede victory, and made a masterful speech a little while ago.

The wild card is now PASOK, which has stated that it will not participate in a government which does not include the participation of SYRIZA and Democratic Left (DIMAR). SYRIZA, in the meantime, has already declared that it will not participate in a government with New Democracy. 

Evangelos Venizelos is apparently trying to maximise his pivotal position, but as with Antonis Samaras prior to November 2011, risks destabilising the entire electoral results.

Given this [apparent] conclusion, it is difficult to see how the next government will be formed without another 8-10 day negotiation period. It is really a pity that Greece’s political class, or segments thereof, are once again negotiating for their own benefit, rather than for the benefit of the country.

The latest electoral results from the Ministry of Interior:

Political Party Share of Vote, % Seats in Parliament
New Democracy 30.21 130
SYRIZA 26.38 70
PASOK 12.62 34
Independent Greeks 7.45 20
Chryssi Avgi 6.9 18
Democratic Left 6.05 16
Communist Party of Greece 4.48 12
Total 94.12 300

© Philip Ammerman, 2012

Philip Ammerman is Managing Partner of Navigator Consulting Group and European Consulting Network. He works in the field of investment management and due diligence in Europe, the former Soviet Union, and the Middle East.

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