Syriza appears headed for victory in Greek election

Athens - In an attempt to reassure the EU public and officials that a Syriza victory is not a threat to the EU, leader Alex Tsipras, has published opinion pieces in both the FInancial Times and earlier in a German newspaper, Handelsblatt. In the Financial Times article, Tsipras promised that Syriza would not only respect European Union fiscal rules but would also commit to their targets on eliminating the deficit. Tsipras is trying to convince Greek creditors that his victory is not a threat to them or EU unity. At the same time Tsipras reiterates his demand for a " new social contract" and an end to austerity requirements, claiming that this would lead to "political stabililty and economic security". Tsipras also promised: “A Syriza government will respect Greece’s obligation, as a eurozone member, to maintain a balanced budget, and will commit to quantitative targets." Tsipras also spoke of a write off of some Greek debt as something that could be done cooperatively and without conflict:" “We have a duty to negotiate openly, honestly and as equals with our European partners. There is no sense in each side brandishing its weapons.”"

While all this sounds very promising and accommodating, officials of the Troika, the International Monetary Fund, European Commission, and the European Central Bank may not be willing to make changes to the austerity conditions demanded for the Greek bailout. German Finance Minister Wolfgang Schaueble has stressed many times that the radical changes sought by Tsipras are not even up for negotiation at all. In a television interview Dutch Finance Minister. Jeroen Dijsselbloem , said: "There's no political support to write off Greek debt". Tsipras' demands include a write off of some of the Greek debt. The Dutch minister did suggest that easier repayment terms might be arranged if conditions required that.

Syriza or Coalition of the Radical Left, is an alliance of many different types of leftists including a variety of socialists including Marxists, Maoists, Trotskyists and Greens.The Communist Party of Greece is not a member of the alliance even though Tsipras was himself once a member of the party. He stayed the Sinaspismos party when the communist party exited that group. He was president of the party for some time. The party is the largest group within Syriza. A poll released by the University of Macedonia on Tuesday showed that Syriza had a 6.5 percentage point lead on its nearest rival prime minister Samaras' center right New Democracy party. A graph chart of the average of recent polls can be found here. The graph shows Syriza with 35 percent of the vote compared to New Democracy at 31. A new party To Potami also left-leaning has 6.5 percent of the vote. Golden Dawn a radical right anti-immigrant party, with several prominent members in jail, nevertheless has 6 percent of the vote, and finally the Greek Communist Party KKE has 5.5 percent of the votes. The party that gets the highest number of votes get an extra 50 seats making it easier to form a coalition government. The leader of To Potami has not ruled out joining in with Syriza to form a government so Syriza does not need a majority in order to form a government. There are other minor parties who might join a coalition as well.

The Greek stock and bond markets seem not be soothed by Tsipras' attempts to dampen establishment fears. Greek bonds had the worst returns last month of any sovereign issues. Over the same period the Athens stock exchange performed worst of all major equity markets. The real drama will begin when the results of the Greek elections this Sunday begin to come in.

Hard line position on Greek debt may make crisis worse

Rather than supporting negotiations on the Greek debt crisis, many EU leaders continue to support the austerity programs imposed by lenders even though Greece may very well elect a government on January 25 that will insist on changing terms of the loans.

An article by Nicos E. Devletoglou, Emeritus Professor of Economics at the University of Athens, claims that the actual sovereign debt is not at the level of 350 billion euros. but not more than 150 billion euros, less than half that. Any solution to the problem , he claims, should take into account the damage to Greece both in financial and human terms caused by what he calls the "blind austerity" policies imposed on Greece for the last six years. The German finance minister, Wolfgang Schauble, has been insistent that "all previously agreed Greek debt, must be paid in full regardless of the composition of the next Greek government." According to Devietoglou before Schauble's demand could even be carried out it has to be established what the remaining debt is. Devietoglou claims that the debt should be adjusted downward to take account of the costs of the austerity policies on Greece. He says of Schauble's demand: Such a proposition remains largely untenable, because first, as suggested, we would have to establish institutionally what the net remaining Greek debt is -- after downward-adjusting it to compensate for, say, the shocking and still-rising rates of hunger and suicide and the lethal levels of unemployment that are already practically eviscerating the social and economic fabric of Greece, driven by the devastating momentum of continuing austerity, which is also responsible for the endemically collapsing aggregate demand in the eurozone's longest-suffering country,....and nowadays threatening to bring Europe's Grande Démise yet closer as the euro continues depreciating and the eurozone slides deeper into deflation.

Josef Joffe, a fellow at the Freeman Spogli Institute for International Studies and the Hoover Institution, both at Stanford, and editor of the German newspaper Die Zeit has a quite different take on the situation. His analysis, in the New York Times claims there is a vastly different attitude of Italy and France to the situation and to deficit spending as compared to Germany. They, not Greece, pose the real problem: Forget the Grexit issue: It’s Europe’s historical trends that should worry us. In the decades since the economic miracle days of the ’70s, real growth in the European Union has dropped on average by three-quarters of a percentage point. Productivity growth has likewise slid, to 0.4 percent from about 2 percent per year. These ailments are deeply embedded in economies that lag behind on investment, innovation and competitiveness. According to Joffe, Greece has actually been able to come out of recession by carrying out labor market reforms and liberalizing its economy due to the fiscal discipline imposed upon them. Italy and France have not carried out such reforms and are calling for an end to this fiscal discipline. Both will then resort to lavish deficit spending. Joffe suggests that in "their soberer moments" Greek politicians might point out that after declining about seven per cent a year just three years ago, now Greece's growth is not much worse than that of Germany. Joffe admits that unemployment is still 25 percent but that is also is falling slightly. These conditions represent a huge reserve army of the unemployed that will drive down wages, improve profits, and attract some investment.

However, apparently the austerity measures inflicted on Greece have not been cruel enough since the Greek debt is now increasing again: The debt of Greece’s central government has almost doubled since 2011, and gross external debt has since risen from 370 billion euros to 412 billion over the same period. So Greece is still living beyond its means. Joffe thinks that with its tiny economy Greece will be saved once again. It is too small to fail as he puts it. That remains to be seen. Greece will only be saved if it continues privatization at fire-sale prices, further cuts to public employment, pensions and other social benefits, and institute other "reforms" that are thought to be make conditions better for investors.

Many liberal capitalist economists, following in the footsteps of Keynes, such as Paul Krugman, think that such moves are irrational and counter-productive. The leader of Syriza, Paul Tsipras, has claimed:"We will stick with the euro, no doubt.” It is difficult to see how Tsipras will be able to pull this off when the European Central Bank is threatening to cut off further funding unless the new government accepts conditions imposed by creditors that would no doubt include austerity measures Tsipras has vowed to change.

 The president of the ECU, Mario Draghi, appears to be willing to withdraw $35 billion in funding to Greece that could result in Greece deciding to or being forced to leave the Euro zone. This all may be part of a game of chicken but a very dangerous one if the ECB really wants Greece to stay in the Euro zone. James Nixon, an economist at Oxford Economics, said: “While these things might be threatened, bandied around, it would be remarkable if such a step were actually taken. The negotiation starts off with the threat of mutually assured destruction. But to actually withdraw funding from Greek banks is the sort of thing that would mean Greece is well on the road to exiting the euro.” Greek Finance Minister Gikas Hardouvelis claims that a Greek exit (Grexit) is not necessarily a bluff. The Greek agreement with the Troika, the ECB, European Commission, and IMF, runs out the end of February. The ECB said on January 8: Continuing to suspend normal collateral requirements assumes “a successful conclusion of the current review and an agreement on a follow-up arrangement”. Tsipras claims that he will roll back budget cuts to tackle poverty and that he could write off some Greek debt. Syriza may not win the election, now close, with one poll published on January 10 giving Syriza 28.1 per cent of the vote and 25.5 per cent for New Democracy president Samaras' party.

If he wins the election, Tsipras may decide that he needs to sell out his constituency in order to stay in the Euro zone and receive badly-needed funds. George Pagoulatos, of Athens University of Economics and Business told Bloomberg by phone: “It will not be in Tsipras’ interest to set his government on a collision course with the ECB, But in order for a potential Syriza government to make a U-turn, we’ll first see brinkmanship and edge-of-the-cliff diplomacy.” The Troika may force Tsipras into conflict with them if they keep to their present course. He may very well be forced into an exit from Euro zone, by demands from the Troika whose rejection was the reason he was elected in the first place.

 Pagoulatos makes the debatable assumption that it is not in Tsipras' interest to collide with the Troika. Tsipras' may decide that this is exactly the course that is necessary. He may actually want to exit the Euro zone and gain control over the Greek economy rather than have policy determined by the Troika, even though the adjustment process would be bound to be painful. He knows that a majority of the Greek public want to stay in the zone. He therefore needs to show them that this is impossible. If the Troika rejects his demands for relief from austerity and more social spending he will have shown why it is not possible to stay within the zone.

Greek faces snap elections on January 25th with leftist Syriza party in the lead in polls

The Greek prime minister Antonis Samaris failed on his third and final attempt to have parliament accept his candidate, Stavros Dimos, as president of Greece.

Dimos, a former European Commissioner, was the only candidate and failed to receive the 180 votes needed for election. The Greek constitution now requires elections and the dissolution of parliament. Samaris announced immediately after the vote that he will call on the outgoing president and propose holding elections on January 25th. Dimos received 168 votes in parliament — 12 short of the number required. Parliament must now be dissolved within ten days. The leftist party Syriza is leading in the polls. Should the party win it will insist on renegotiating the terms of the Greek bailout. After the vote, the leader of Syriza, Alexis Tsipras said: "With the will of our people, in a few days bailouts tied to austerity will be a thing of the past.The future has already begun." 

After the vote, the Athens stock market dropped by 7 percent and Greek bond interest rose above 9 percent. Theodore Krintas of Attica Bank in Athens said; "The outcome of the final vote extends the political uncertainty for at least one month, One cannot know if the result of early elections will be a viable government.No significant economic decisions can be made before there is a new government and this is already reflected in the markets today," Samaris, took a gamble in trying to elect Dimos as president. After the vote, he said: “The government did everything possible to get a new president elected and a minority of MPs now drags the country to early elections. I will do everything to guarantee that the country stays on the path of reforms.” 

 A team of negotiators from the Troika of lenders — the European Commission, the IMF and the European Central Bank — had been scheduled to resume final talks to wind up the $290 billion bailout and agree to a post-bailout program. Of late, Tsipras has attempted to calm investor fears, claiming he wants to keep Greece in the Eurozone. He also wants to negotiate ending the bailout program with its austerity conditions rather than acting unilaterally.However, he still insists that he will reverse many of the austerity measures required by the bailout. He also will reverse cuts to the minimum wage, stop state layoffs, and halt privatization of state assets. All of these measures send shivers down the spine of many investors, who see lower wages as a means to greater profits and privatization as a means to snatch valuable state assets at fire sale prices.  

George Pagoulatos of the Athens University of Economics and Business summed up the situation as the elections approach: “These elections will be a struggle between fear for euro exit and anger against austerity,The government will be emphasizing the risks associated with Syriza’s anti-bailout stance and Syriza will try to convince voters that it can offer a viable alternative, without endangering the country’s euro membership.”

An assessment of Greek election results by a Greek economist

Yanis Varoufakis is an economist at the University of Athens. For more about Varoufakis see this site.. Varoufakis points out that in spite of the New Democracy party coming first more Greeks, 55 per cent in fact, actually voted for parties that were against the bailout terms and conditions.

The unusual Greek electoral system gives the first place party 50 extra seats in the 300 seat assembly. Varoufakis thinks that many voted for New Democracy just to keep Syriza from winning and bringing down the wrath of EU institutions and Germany upon the hapless Greeks.

First off PASOK the Socialist party that has lost much of its support will need to invent some narrative to explain why it is willing to join with New Democracy. Next there will be a meeting of the EU Council that will draft a Greek bailout. Mk3. The last bailout Mk2 will not work in spite of what Germany may think. The EU will be forced to change the bailout terms because the earlier terms would make the Greek economy even worse. There will be some relaxation of the terms as an incentive for New Democracy to agree to the new bailout.

Varoufakis thinks that Greece will be given 3 to 5 years to bring its deficit to the 3 per cent mark. Under Mk2 the new government would have to cut 11.5 billion more from public spending. The new Mk3 provisions will cut less perhaps 5 billion. Some funding of projects may also be announced. Varoufakis thinks that this new bailout will nevertheless be a disaster both for Greece and Europe.

According to Varoufakis the credit circuits in the Greek financial system are broken. Even efficient and profitable Greek companies are not able to access capital markets. The new arrangements do nothing to heal this broken credit system. Also even reduced spending cuts will have the effect of ensuring the recession continues with revenues declining. At most he thinks the new terms simply prolong Greeks agony while testing the patience of taxpayers in Germany, Finland and other European countries. For Varoufakis the bailout throws good money again after the bad.

Varoufakis recommends three steps be taken. First Greek banks should be recapitalized through the EFSF (European Financial Stability Facility) Secondly, a shift of Greek (and other peripheral countries debt) to the European Central Bank. This would be financed by the issuance of Euro bonds. Thirdly a recovery program to be financed by the European Investment Bank and European Central Bank. For more details see the full article. Of course as of this writing Greece does not even have a coalition government. The steps that Varoufakis suggests will probably not be approved by key countries such as Germany.

Pro bailout party New Democracy comes in first in Greek elections

The pro-bailout New Democracy party leads in the polls with about half the votes counted with just over 30 per cent. The leftist anti-bailout Syriza party is second with just over 26 per cent. The PASOK (socialist) party trails with under 13 per cent.

New Democracy will be faced with a tough task to form a coalition. The logical choice would be PASOK with which a coalition was formed before. However, PASOK has insisted it will only join a coalition if Syriza is included. There is little likelihood that Syriza would join a coalition since its position is so much different than that of New Democracy.

It may take several days for New Democracy to put together a coalition assuming it can.

Antonis Samaras, leader of New Democracy said:: "The Greek people have voted today for the European direction of the country and for us to remain in the euro, and it voted for those policies which will bring jobs... " For more see this article. While investors will be glad that Syriza did not win there still will be uncertainty until at least a new government is formed and the bailout deal approved.

Greek election results Sunday are uncertain

A day before the election on Sunday June 17th many Greeks are angry now and anxious about the future. Stathis Psillos a philosophy prof. at the U. of Athens said:“People are in agony about their savings; their jobs, their safety, their future (and their children’s future),”

Polls have not been allowed for the last couple of weeks of the campaign but the two front runners New Democracy that is in favor of the bailout deal and Styriza that would rip it up and start over are very close to one another. Even New Democracy the center right party that came first last time wants to change some of the terms of the agreement although it voted in favor of the original deal.

The party that comes first gains an extra 50 seats in parliament under the Greek system so is the most likely to be able to form a coalition. However New Democracy was unable to cobble together a coalition last time around. If Styriza comes first there are several parties that it could probably bring into a coalition and form a government that would want to renegotiate the whole bailout deal. This result might result in markets falling throughout Europe and elsewhere. However as of the close Friday U.S. markets were still positive.

Many analysts are now predicting that Greece will eventually be forced into leaving the euro, that this is just a matter of time. For more see this article.

Greece:New Democracy and Syriza parties neck in neck

The last polls before polls ceased showed that the left Syriza party and the right of center New Democracy party were quite close. The very last poll showed Syriza ahead but only slightly. The elections are on June 17.

Syriza rejects the austerity plan negotiated by New Democracy and PASOK the socialist party who before were a coalition. However Syriza wants Greece to stay with the Euro as do most Greeks even those who reject the austerity provisions. New Democracy is in favour of the bailout plan. Neither party will probably have a majority on their own. However whomever comes first gets 50 extra seats which will make it easier for them to form a coalition with another party. New Democracy may be able to make a deal with PASOK as before but this is not at all certain. Syriza may be able to enlist the help of the Democratic Left or perhaps the Communist Party. However last election the Communist Party showed no sign of wanting to joing a coalition. For more see this Al Jazeera article and the attached video

Greek election workers plan strike on election day June 17th

A new crisis is facing Greece. New elections are scheduled for June 17. However a union representing municipal workers has called a two day strike for June 16th and June 17. These workers are key to running the election machinery.

Adding also to Greek woes is a rising March unemployment rate at 21.9 per cent. Last year at that time it was already at 15.7 per cent. The rate is up from February as well.

POE-OTA is calling the upcoming strike. The union complains that its members are paid less for election work than other employees of the government. Members of the union set up voting centers including booths and ballot boxes and also deal with voter documentation.

Leader of the union Themis Balassopoulos also said that the union will refuse to do any election work until the strike starting June 16. He also said municipal employees will refuse to do any election-related work until then. He said that last election members received just 75 dollars for their work a fraction of what other workers received. He said:. "If the country has no money, it can't just be for us while Interior Ministry employees get €1,800 ($2,300) — that's three months' salary for a municipal garbage collector. It's a provocation."

Balassopoulos also noted""The elections are up in the air," "We carry the ballot boxes, set up and clean the voting centers, we transport the used ballots... Anything you can imagine in connection with the elections, we do it." The government may get a court order ruling the strike illegal. The government said that it will take all necessary actions to see that elections are not disrupted. However, given the intensity of unrest in Greece that may not be possible. For more see this article. Another article is here.

Syriza jumps into lead in Greek polls

There are still more than two weeks left before the June 17 Greek vote but public opinion is trending back in favor of Syriza the largest anti-austerity party that came in second during the last elections.

The poll published by Kathimerini shows that Syriza has 31.5 per cent of the vote a gain of 1.5 per cent over a week. Support for the first place finisher last time New Democracy is at 25.5 per cent, little changed over the week. The Socialist Party PASOK that together with New Democracy support the austerity package has decline 2 per cent to 13.5.

The Democratic Left had 7.5 per cent and Independent Greeks 5.5. The Communist Party (KKE) also had 5.5 per cent The right wing Golden Dawn had 4.5 per cent.

Seat projection on the basis of the percentages would give Syriza 134 seats. Presumably this includes the 50 seats for coming first. New Democracy would obtain 68 seats. PASOK 36. The Democracit Left would obtain 20 and the Communist 15.

The same poll surprisingly shows that 58 per cent of Greeks think that New Democracy will win and only 34 per cent see the left as winning. The leader of the Democratic Left is far more popular than the leader of Styriza Alexis Tsipras.

If the seat projections are correct then Syriza could gain a majority in coalition with the Democratic Left. The Communist Party so far has ruled out joining a coalition.

Earlier polls indicated that New Democracy could win. If Styriza wins the austerity deal will be repudiated and Syriza demands renegotiation. Until the actual election happens markets will no doubt remain volatile. Many analysts think that Greece dropping the Euro is most likely. For more see this article.

Greece: New elections to be held on June 17

Panagiotis Pikrammenos Council of State chief will head a caretaker government until a new government is formed after elections on June 17th. Numerous attempts to form a coalition government failed. The resulting uncertainty is roiling markets and caused a run on Greek banks. Many Greeks fear that Greece will return to the Drachma the former Greek currency. The caretaker government will not have the power to make any binding commitments.

About 898 million dollars have been withdrawn from Greek banks. A spokesperson said that as yet there is no panic but there is great fear. Theodore Krintas manager director of a wealth management company said:"I would expect the population to quietly be doing what it has been doing in the last days. In other words, some of the Greek citizens are afraid and are taking a portion of the money, but I'm not expecting a bank run,"

The election on May 6th was a disaster for the two leading pro austerity parties especially the socialist PASOK party. Greeks voted for parties that reject the austerity package imposed upon them by the EU's Troika..

The spending cuts and tax hikes have left the country mired in the fifth year of a deep recession and sent unemployment soaring to above 21 per cent, and many argue the country cannot hope for recovery if they stick to the deal. The Greeks are fed up with austerity measures that have brought a recession lasting five years now and an unemployment rate over 21 per cent. It is much higher among youth.

The Sytriza party ,an anti-austerity grouping, according to polls will increase its vote and come in first in the upcoming election. However, no doubt there will be a great deal of pressure upon the Greeks to vote for the austerity measures both from within and without the country. The prospect of Greece leaving the Euro zone is becoming a real possibility recognized even by the IMF. The IMF head Christine Lagarde said:"If the country's budgetary commitments are not honoured, there needs to be appropriate revisions, which means either supplementary financing and additional time, or mechanisms for an exit, which in this case must be orderly,""

The head of Syriza Alexis Tsipras that came second in the May 6 elections requested "that the caretaker government should not implement measures that would involve further cuts in salaries, pensions and public spending, that would dismantle labour relations or allow privatizations. . I also asked for a freeze on every ongoing process regarding the sale of state property."

Even if Tsipras does not win enough seats to govern alone after the next election his party will receive 50 extra seats for coming in first place and he should easily be able to form a majority with another anti-austerity party on the left. However so far the Greek communist party has rejected the idea of joining a coalition. The next government will in all likelihood reject the austerity agreement reached with the Troika.

Robert O'Daly of the Economist said:"This will make reaching an agreement between the next government and Greece's international creditors extremely difficult, raising the risk of a Greek exit from the euro and sovereign debt default," "The consequences of this would be dire for Greece and probably the rest of the euro area." For more see this article.

Greece: No coalition government in sight as yet

Alexis Tsipras leader of the 2nd place Styriza party has so far been unable to form a coalition government. Given that the two other largest parties support the bailout deal while his party opposes it, it seems unlikely that he can form a government. If he fails then the task will fall upon the third place PASOK socialist party. However, it too is unlikely to be able to form a coalition. If this happens there will need to be new elections in June.

The leader of the New Democracy party Samaras was himself unable to form a coalition earlier. International creditors have been warning Greece that if the austerity measures are not implemented then bailout money will not be forthcoming in June. The uncertainty resulting from Greek politics is one of the reasons stock markets in many countries have declined of late. Greece has also promised that it will pass new austerity measures worth 18.9 billion next month as well as implement agreed upon measures. Given the political situation it seems quite unlikely that this will happen.

The Communist Party has refused to join any coalition government and the right wing New Dawn party has not been contacted by any one as yet since it is regarded as too extreme apparently. Tsipras wants Greece to pull out of the bailout agreement. This position puts him at odds with both New Democracy and PASOK. The New Democracy leader said"Denouncing the agreement, as [Tsipras] proposes, will lead to immediate internal collapse and international bankruptcy, with the inevitable exit from Europe," However, Samaras was open to amending the agreement.

Greece received two bailouts worth 312 billion dollars. In return salaries and pensions have been cut, state jobs eliminated, and new taxes imposed. The result has been continued recession now lasting five years.

The German foreign minister said that Greece will not obtain any further loans unless it continues its austerity policies. He said:"Germany would like to keep Greece in the euro zone but whether Greece actually does remain in the euro zone or not lies in its own hands," However it looks more and more as if Greece will not meet the demands of the EU and will end up bankrupt and leaving the Euro zone. For more see this article.

Greece: Leftist Syriza party to try to form government

In spite of warnings from the EU that Greece must stick to the bailout deal the country seems in no mood to fall in line with those demands. Greece is in its fifth year of recession and the populace is fed up with austerity policies.

Antonis Samaras whose New Democracy party came in first in the polls was unable to cobble together a coalition government. Samaras said:"I did whatever I could to secure a result but it was impossible," Syriza and a small leftist party rejected Samaras' offers. Two other relatively large parties the nationalist Independent Greeks and the Communist Party refused even to meet with Samaras. The PASOK party also could not agree to a coalition.

If no coalition government can be formed new elections could take place as early as June just as Greece has to deal with new austerity measures. In spite of the fact that voters obviously reject the terms of the bailout plan Angela Merkel said:"It is of course of utmost importance that the programmes in Greece continue," The second place Syriza party is attempting to cobble together a government. However any government formed will be opposed to the terms of the austerity plans imposed on Greece by the EU.

The leader of Syriza AlexisTsipras will be given three days to try and form a government. An Al Jazeera reporter said:"There are fewer chances today, I think, of forming consensual government than we had yesterday when the largest party, the Conservatives, was trying its hands at it." Some analysts warned that if no government is formed that supports the austerity measures funds might be cut off and Greece might exit the Euro zone altogether. For more see this article and also this article.

Greek coalition partners poised to win May election according to polls

In spite of huge demonstrations against austerity measures and widespread anger at the government the two main parties in the governing coalition may very well have enough seats to renew their partnership.

The PASOK socialist party and the New Democracy conservatives have regained support. One polll shows New Democracy at 21.9 per cent with 108 seats a gain of 4 per cent since February. PASOK the socialist party was up even more at 17.8 per cent and 47 seats versus 9.8 per cent in February.

In total the two would have 155 seats in the 300 seat assembly. That is just over half however and there are two weeks left in campaigning. The final poll could end up with a situation where other parties would need to join the coalition for a majority.

Even with these increases in support the parties are at almost historic lows in popularity. Eight other parties will probably win seats. An extreme right party Golden Dawn could win 14 seats, Fringe parties opposed to the bailout are gaining support.

Polls show that most Greeks favor a coalition of leftist parties but that is certainly unlikely to happen. While many Greeks are wholly opposed to the austerity measures a full 77 per cent want Greece to remain in the Euro zone and do what it takes to achieve this. If that is so then opposition to austerity measures is likely to be without any effect. For more see this article. The Greeks can look forward to a longer recession, cuts in salaries and pensions, and the sell off of their state assets.