Greek politicians, don't destroy your nation's future

by Yannis Palaiologos and Theodore Pelagidis

CNN
May 8, 2012

Sunday's parliamentary election in Greece delivered a crushing blow to New Democracy and Pasok, the two dominant parties that have ruled the country for the last 37 years. In the coming weeks, expect uncertainty, shifting alliances and growing frustration as a new political landscape struggles to emerge from the wreckage of the old.

As the main backers of Greece's second bailout and the harsh austerity measures that accompanied it, New Democracy and Pasok saw their combined share of votes plunge, as angry voters punished them for two years of wage and pension cuts and rising taxes. Pasok, in particular, which won a landslide election in 2009 and made the fateful decision to seek the financial assistance of euro zone partners and the International Monetary Fund in 2010, saw its support collapse.

Coming in second at the polls was Syriza, a left wing party fiercely opposed to privatization, public sector spending cuts and labor market reform. The other four parties that garnered enough parliamentary votes, ranging from the unreconstructed Communists to the pro-Nazi thugs of Golden Dawn, are also opposed to further austerity.

What will happen next will depend on the ability of the frontrunners to form a coalition government made up of pro-European forces that will meet the conditions set by Greece's official creditors for the disbursement of further funds.

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