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Tuesday, May 15, 2012

Greece seeks re-election as coalition talks turn unproductive

The latest coalition talk in Athens ended without success as President Carolos Papoulias failed to persuade front-line political leaders to back technocrat government. The idea of technocrat government was proposed by the President himself after mainstream political parties in Greece failed to come up with a unity government. For Greece, this means it has to brace for repeat general election, which is going to further drain its economy, or face bankruptcy.

The Evangelos Venizelos-led Socialist Pasok party blamed the negative outcome of the meeting on arrogant, petty party politics and opportunism. On the other hand, the leader of the Syriza party, Alexis Tsipras, emboldened by his party’s success in the latest general election, stated on a high note that he resisted any move to support the pro-bailout deal in every possible way he could.

Earlier, eurozone leaders, gathered for financial ministers’ meeting in Brussels, have rubbished Greece’s exit from euro as propaganda. However, they have acknowledged preparing contingency plans. The EU leaders have clearly stressed that unless Athens fully agrees with the bailout reform plan, they are not going to receive International monetary aid.

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