BBC News
May 8, 2012
Greece has entered a very delicate political period. Greeks have expressed their preferences and the onus now is on politicians to respect their choice.
The two big parties of Greek politics, Pasok and New Democracy (ND), have been punished and that issue of punishment is vital to the aftermath of this election.
The voters appear to have decided that they did not fulfil the expectations of both the poor and the middle classes. The two parties did not push for development with a search for growth, nor did they manage the debt.
They did not negotiate properly with the troika (the EU, IMF and ECB) and did not have a team with the strategy or knowledge that could have produced a better deal for Greece.
Athens made mistakes from the start of talks in 2010. The whole tone of negotiations might have been different had Greece appreciated the real anxieties of the EU.
In March this year, a report by the International Institute of Finance concluded that Greece leaving the euro would cost the eurozone 1t euros: in other words that it was too big to fail. If we had had this in our minds in 2010, the terms we secured might have been different, better for Greece.
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