Want to know why the next Greek government—whomever that may be—has virtually no chance of lasting a long time or getting anything done?
Because right from the start they’ll be overwhelmingly unpopular.
Jefferies’ David Zervos explains how despite the fact that a pro-bailout coalition might be feasible after last night’s Greek result, the anti-bailout faction is as popular as ever, as well …
In a sign of further fracture, the far right party kept a hold of 7 percent of the vote (despite the slapping of female opponents on national TV); and the anti-bailout, right leaning Independent Greek party had a strong showing with 7.5 percent. If one adds up the percentage of votes for the “fiercely” anti-bailout parties – SYRIZA, the Independent Greeks, GD and KKE – it is a number awfully close to 50 percent. If you add in the Democratic Left, which is not fiercely anti-bailout, but is certainly not a buyer of the ND/PASOK MoU world; then over 50 percent of the Greeks VOTED against the austerity plans.
So while tonight the Greek people did not pull the EMU rip cord, they came VERY close. And a “majority” of Greeks will not be happy with any continuation of MoU policies. We may have postponed the inevitable Greek exit another 6 to 12 to 24 months, but this result is NOT comforting. The battle in Greece will rage, and it will surely spill over into the rest of Europe.