Green Room

Greece Votes to Bail on the Bailout?

posted at 9:23 pm on May 6, 2012 by

I’m sure Ed will comment on this, but because I have no girlfriend and a meager social life, I can keep abreast of current world events (when I’m not watching NCIS reruns). It appears that Greece held its parliamentary election and according to exit polls, the two pro-austerity parties in the coalition government have suffered major reversals at the polls. Needless to say, this has the potential to have major ramifications, not just for Greece, but Europe and possibly America as well. If the pro-austerity parties can’t form a government, then all bets are off.

Greece’s continued access to bailout funds from the IMF, EU, and European Central Bank, could be in danger, if the austerity measures currently in place in Greece do not continue. As of right now (7:55 CST on May 6th), the Nikkei is down over 2% on the news of the election results. Needless to say, if the Eurozone starts to feel rumbles due to Greek instability, how long before any of that instability spreads to the U.S.?

As I’m sure many of you are aware, the current economic situation in the United States, is far from peachy. It probably wouldn’t take a lot to knock the U.S. back into recession. If I’m at the White House, I would probably start taking some Tums right about now. President Bush still tends to get more blame for our economic condition than president Obama, but if we enter a new recession, how long do you think those numbers will remain that way?

At least the White House can always look at the bright side, if a recession hits, gas prices will drop… probably.

P.S.-Instead of austerity measures, couldn’t the EU demand in return for bailout funds, that all copies of My Big Fat Greek Wedding be burned and that Maria Menounos be betrothed to me? Just an idea.

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On a related(?) note, the socialists won the French presidency…

Mr. Prodigy on May 6, 2012 at 9:39 PM

The iron here for Team Obama is that is Greece does end up scuttling the EU, panicking the financial system and sending Western nations including the U.S. back into recession, it will be the left-wing politicians and the liberal voters in Greece expecting something-for-nothing benefits to continue forever who’ll end up being the ones to do Barack Obama in.

Team Obama has no real objections to buying voter loyalty for life with the free government handouts — it’s their No. 1 strategy for winning re-election. And like the leaders of the auto companies who bought labor peace in the early 1970s with guarantees they knew wouldn’t break the bank until they were long gone, Obama and his crew were betting they would be well out of the danger zone by the time the deficit shirt hit the fan.

In that way, it would be fitting if their Campaign ’12 spin that the economy is recovering was blown out of the water by a country whose people and pols think like they do, but just got to the point where the money runs out sooner that Obamanomics would.

jon1979 on May 7, 2012 at 12:47 AM

Ah yes, one last grand banquet with golden goose as the main course. Why am I reminded of Hitler and his entourage having a dinner parties as the Red Army encircled Berlin?

stout77 on May 7, 2012 at 11:44 AM