Archive for July, 2012


On May 06th 2012, the first elections took place in Greece after the country was exposed to the major financial crisis we all know about. Not a single party could form the majority and the creation of a new government was unsuccessful. Therefore, a second election was called for on 17th June.

The two strong parties in the country are PASOK and New Democracy who have remained strong since 1974 after the fall of the military junta government. Smaller groups and party formation have taken place after the recession and it has been 2 years already. Backing this wracked condition of the country and taking advantage of the situation the Syriza party was aiming to shred the already existing austerity plan.

With political instability, the 2012 Greek elections have been marked as the most anxious elections of Europe in recent history. Political parties was completely damaged with the world markets and trade shares falling down desperately. Private investments in the country were slashed down even though several measures were taken for the restructuring of the debt encountered by Greece.

Austerity measures resulted in protests that turned out to be mere violence at the end. Making the situation even worst was the burning of buildings that took place in Athens. The suicide of 77 years old Dimitris Christoulas, a retired pharmacist at Central Athens ‘Syntagma Square’ in April shook the nation as a whole letting the world know about the grief in austerity measures.

The elections were finally scheduled on 17 June 2012, which was eagerly considered the turning point for the country. The focus was on the people, whether they will favour the conservative New Democracy party or the leftist Syriza party. Elections on this Sunday turned out to be a new day where the Greeks wilfully wanted to remain within the Euro zone thus holding hands with the European course. As the results were out, the euro started to get back into position where the stock markets also initiated to recognize the currency with the position of Greece not in doubt anymore.

With the pro-bail out parties winning the election, things are waiting to be changed for Greece within the expected time period. People have high expectations and the coalition government formed in the elections conducted lately is yet to prove how far they can take the country. Greece staying within the Eurozone has been confirmed and things are yet to take a U-turn for Greece as well as the European Union to get back into a framework of growth.