{"id":4891,"date":"2015-01-26T14:35:17","date_gmt":"2015-01-26T19:35:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4891"},"modified":"2015-01-26T14:35:17","modified_gmt":"2015-01-26T19:35:17","slug":"greek-election-its-really-up-to-the-ecb-and-eu-now","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4891","title":{"rendered":"Greek election: It’s really up to the ECB and EU now"},"content":{"rendered":"

Greek election: It’s really up to the ECB and EU now<\/a><\/h3>\n

The result was worse than expected whatever the final outcome – the anti-austerity vote is massive, but it could be an empty gesture as Greece in reality has little choice: Comply with the Troika or leave the EUR. I doubt the later will happen with the same vote as the Greeks are tired of austerity but not off being European.<\/span><\/p>\n

EUR\/USD is down 55 ticks as I write, at 1.1145. I expect Greek stock market will be down 5% tomorrow and that Europe overall could be down 2% unless Germany, the ECB and EU comes out supporting a move towards some compromise (which is unlikely this week)<\/div>\n
<\/div>\n
Game theory dictates that some solution will be found which is sub-optimal for all parties, but the risk it will take longer than market have nerves for.<\/p>\n
Syriza did better than expected – making negative reaction more likely<\/div>\n
<\/div>\n
Syriza did better than even the polls suggested – the gap to ND is 10% as I write this, and for the market this is a close call as Syriza may get a mandate to rule alone.\u00a0(Greek election: Syriza Party set to take power – Source Sky)<\/a><\/div>\n
<\/div>\n
It’s a disaster for “austerity” and common sense, but at the end of day, Greece did what we expected them to do: Desperation forced the voters into the arms of a left-wing government who’s rhetoric reminds me of my youth (many decades ago) in the the 1970s: Comrades, capitalism, imperialism is some of the words I heard on TV interview this evening. It makes makes one smile: “What goes around, comes around”.<\/div>\n
\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Greek election: It’s really up to the ECB and EU now The result was worse than expected whatever the final outcome – the anti-austerity vote is massive, but it could be an empty gesture as Greece in reality has little choice: Comply with the Troika or leave the EUR. I doubt the later will happen […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[40,233,279,280,284,285,359,1167,2236,2868],"class_list":["post-4891","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-austerity","tag-ecb","tag-eu","tag-euro","tag-european-union","tag-eurozone","tag-germany","tag-greece","tag-syriza","tag-troika"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4891"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4891\/revisions"}],"predecessor-version":[{"id":4892,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4891\/revisions\/4892"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}