Sunday, June 17, 2012

Another Euro Miracle?

Yesterday morning, I wrote about how the euro titanic has hit an iceberg, warning that the time has come for Europe's leaders to address the real dangers threatening the eurozone and global economy, namely, soaring unemployment exacerbated by mindless austerity and the lack of a solid fiscal union to share the burden of economic disparities.

Today, everyone is awaiting election results as Greeks head to the polls. It's still too early to declare victory but the Guardian reports that early exit polls give a narrow margin to the New Democracy party. Other exit polls also report a tiny lead for New Democracy.

I am openly rooting for the centrists parties and hope that Greeks come to their senses and stop voting for extreme right-wing or left-wing parties that have no real economic platform to stand on. All they have is demagogues promising to salvage Greece from the German jaws of austerity.

But no matter who gets elected, it will be a minority government and Greece still faces incredible challenges ahead. So does the eurozone. This is why it's crucial for Angela Merkel to stop dithering and start implementing solutions which will at once squelch more speculative attacks on European sovereign debt and create growth and jobs which leaders have hitherto failed to address.

[Note: The Telegraph just put out an exclusive on a secret EU summit document which shows first step to banking union. And Bloomberg reports Germany signaled a willingness to loosen Greece’s austerity requirements as long as the next government stands by its obligations under a European Union-led bailout program. ]

Below, a recap of Greece's 2004 historic achievement. I have a good feeling that all will end well in Greece and Europe. And while skeptics don't see a repeat of the Euro Cup 2004 miracle, I'm hoping Greek gods will smile upon us once again. Next match will be against Germany. How fitting! Go HELLAS!! ELLADARA!!!

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