PM faces key test as Greeks go to the polls
Source: Agencies |
November 8, 2010, Monday
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Print Edition
Print Edition
GREEKS cast ballots yesterday in local elections that could reverberate across world markets. Prime Minister George Papandreou has vowed to call a snap general election unless voters show support for his bracing austerity measures.
Papandreou's 13-month-old Socialist government instituted the fiscal reforms so his debt-strapped nation could receive? 110 billion euros (US$140 billion) in bailout loans from the European Union and International Monetary Fund.
However, he has not said clearly what results he would consider satisfactory. The Socialists appear unlikely to suffer a heavy defeat, with opinion polls predicting a roughly even split with main opposition conservatives in the 13 regional governor races.
Opposition parties have all campaigned against the terms of the bailout loans, adding pressure on Papandreou, who has faced months of disruptive strikes and protests as a deepening recession caused a surge in unemployment and small business failures.
Conservative leader Antonis Samaras has urged the government to "change course" and replace austerity with a policy of state investment to stimulate the economy.
"We are measuring the government's strength ... to see whether it can continue the implementation of an exceptionally difficult economic and social policy," said political analyst and publisher Giorgos Kyrtsos.
The early election threat has spooked bond markets concerned about Greece's ability to cope with the massive government debts that triggered a financial crisis and affected the 16-nation euro currency. The uncertainty has sent borrowing costs higher, with the interest-rate gap between Greek 10-year bonds and Germany's benchmark equivalent exceeding 9 percentage points on Friday.
Papandreou's 13-month-old Socialist government instituted the fiscal reforms so his debt-strapped nation could receive? 110 billion euros (US$140 billion) in bailout loans from the European Union and International Monetary Fund.
However, he has not said clearly what results he would consider satisfactory. The Socialists appear unlikely to suffer a heavy defeat, with opinion polls predicting a roughly even split with main opposition conservatives in the 13 regional governor races.
Opposition parties have all campaigned against the terms of the bailout loans, adding pressure on Papandreou, who has faced months of disruptive strikes and protests as a deepening recession caused a surge in unemployment and small business failures.
Conservative leader Antonis Samaras has urged the government to "change course" and replace austerity with a policy of state investment to stimulate the economy.
"We are measuring the government's strength ... to see whether it can continue the implementation of an exceptionally difficult economic and social policy," said political analyst and publisher Giorgos Kyrtsos.
The early election threat has spooked bond markets concerned about Greece's ability to cope with the massive government debts that triggered a financial crisis and affected the 16-nation euro currency. The uncertainty has sent borrowing costs higher, with the interest-rate gap between Greek 10-year bonds and Germany's benchmark equivalent exceeding 9 percentage points on Friday.
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