May 7, 2012
Greek voters on Sunday delivered a stinging rejection of the country's two incumbent parties—the Socialist, or Pasok, party and the conservative New Democracy—and the austerity program they support, raising the specter of political instability that could ultimately challenge the country's future in the euro zone.
More than 60% of the popular vote went to smaller left- and right-wing parties that have campaigned against the austerity program Greece must implement in exchange for continued financing from its European partners and the International Monetary Fund.
With the political landscape dramatically recast, difficult talks for a multiparty coalition were set to follow the election of Greece's most fragmented Parliament since the restoration of democracy and the fall of the military junta in 1974. But the prospect of a viable government emerging from these talks looked dim, raising the possibility of fresh elections before long—possibly by the middle of next month.
Greek voters' resounding rejection of austerity came the same day that the French elected François Hollande as president, giving that country a Socialist leader who has pledged to shift the burden of hardship onto the rich and resolve the protracted euro sovereign-debt crisis by softening the current prescription of fiscal stringency.
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