A Day for Democracy

Today, Greeks have demonstrated their national character and identity, as well as their democratic values.

In nationwide parliamentary elections, early exit polls show that both parties who had led Greece for decades and supported the European-led financial bailout of the country, the center-right New Democracy and Socialist PASOK, combined for only around 37% of the vote.

This is seen as a clear repudiation of the European-designed austerity package that was part of last year’s financial bailout. These measures seemed, to many Greeks, to be out of character with the nation’s approach to social services, lifestyle and historic pension schemes.

Could this result lead to Greece abandoning its commitments related to the bailout? Financial markets the world over wait and watch.

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