The Endgame: “Greeks feel hopeless”

from Testosterone

On Thursday, rumors that Greece would have a government goosed the stock markets in Europe. While everybody was out to lunch in Frankfurt, the DAX ran up 110 points, before it settled down a bit. In Athens, the ATHEX, which appears to be on a multi-year trajectory toward zero, jumped 4.2% and the bank index 13%. But on Friday, when it became clear that the rumor was just another rumor, the ATHEX resumed its downward trajectory. And Greeks went to bed without a new government.

During the May 6 election, Greek voters demolished the former top two political parties—the conservative New Democracy and socialist PASOK—that had divvyied up the spoils for decades and that had gotten Greece into its morass. In their outrage, Greeks voted for every alternative in sight, from the radical left to the Neo-Nazis on the right—in the process clobbering those who’d signed the reform memorandum that the Troika had handed them in exchange for hundreds of billions of bailout euros. Neither New Democracy with 18.9% nor PASOK with 13.2% had the votes to govern. And by Friday, all efforts had failed to form a coalition government of whatever kind.

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