Has the euro zone found some breathing room in its crisis? The conservative New Democracy (ND) party eked out a victory in Greece’s parliamentary elections on Sunday, edging out the leftist Syriza party, which is strongly opposed to the austerity measures imposed as part of the country’s bailout. The margin was less than 3 points. The victory, however, still leaves Greece without a government. ND failed to win an outright parliamentary majority and must join forces with at least one party to govern. The scenario is similar to the results of an earlier round of voting. ND also came in first in May 6 elections, again with Syriza running a close second, but failed to form a government then. Forming a government quickly is crucial because Greece could run out of cash to pay its bills as early as next month. It’s unclear which party might join ND in coalition. Greek media are speculating that the conservatives might join force with their traditional rival, the Socialist PASOK party, which came in a distant third on Sunday. Whether the results fully reflect the popular will is another question: nearly 38% of eligible voters abstained from voting — a much higher percentage than any party received.Full Article: Greece: New Democracy Party Scores Narrow Win in Elections | World | TIME.com.
Jun 18 2012