Tuesday, December 30, 2014

Greece Crisis Revisted?

Remember GREXIT in 2011?It was the only country in the PIIGS to have its debt restructured.Now, on 29th Dec this year, the Greek Parliament failed to elect a new President thus forcing a snap elections next Jan 25th.Is the memory receding Euro Crisis entering a new phase after having been in the lull for quite a while?Right now, the Athens stock market is hit by the news but the rest of Europe and the world remain pretty much nonchalant about events unfolding in the birthplace of modern democratic ideals.Polls point to a victory for the populist far-left Syriza, the party headed by Alexis Tsipras who want to keep Greece in the Euro but dump most of the conditions tied to the bail-outs - ending austerity, reversing cuts in the minimum wage and in public spending, scrapping assets sales and to repudiate much debt.Expect a game of chicken to be played out between Alexis and his party vs the European troika if Syriza win next month.More volatility ahead, I think.

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