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08 May, 2012 02:56 (GMT +01:00)

Greek politics in disarray Athens faces life outside of Euro

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Douglas MacAndrew

International News Desk

Greeks have rejected the "mainstream" political parties with the extreme left and right wings winning a historic amount of  seats, many political commentators have said the "Greeks are angry" and have punished the ruling parties.  

Greece is now in "unknown" territory, with both the centre-right New Democracy and left wing Pasok parties failing to form governments in Sunday elections in Athens.  The extreme-right wing Golden Dawn, and the extreme left Syriza party, made credible inroads in the new parliament in Athens, with deals still being negotiated over who can form a government.

The message in Brussels is that Greece is now "very close" to being removed from the Euro-zone with Fitch the international credit ratings agency claiming that "Greece leaving the Euro is bearable".

Meanwhile unemployment in Greece is now touching over 30% with the best brains leaving the Mediterranean country and birthplace of democracy for London, New York and other capitals where employment is easier to find.

Greeks are bracing themselves for a backlash from the international community, with an estimated 2 weeks left of money already raised from the international markets left, a new Athens government will need to go back to the markets to raise new capital. The winners on Sunday’s elections are those who rejected the proposals formulated by the "Troika".  Syriza the left wing party has vowed to reject the "barbaric measures" proposed by the Troika, and requested any coalition party send a letter to this effect.  The markets are still jittery, but are now coming around to the possibility that Greece will be sooner, rather than later, outside of the Euro-zone. 

 


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