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live Elections are running normally

17 June 2012 / 13:06:54  GRReporter
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The Election Day in Greece is running peacefully and without major violations. Voting began at 7.00 am and will continue until 7 pm when television will announce the results from the exit polls. The official count of the ballots at the Ministry of Interior will be able to give a first sample at 9.30 pm.
    So far the most serious incident is the one that happened on the island of Zakynthos, where a 22-year-old man fired two shots into the air with his hunting rifle. The shooter is wanted, but the voting is taking place normally. Several stations in the capital Athens opened late because members of the election commission appeared later in the sections. These are all small incidents.

    Recent polls from the end of last week show some advantage of 2 to 4 percent for New Democracy, so probably once again, as it was after the elections on the 6th of May, it will be the first party in the Greek Parliament. Sociologists, however, are very cautious in their forecasts due to the large percentage of undecided voters. Until yesterday, more than 700,000 Greeks had said they still had not decided whom to vote for. A surprise is still quite possible and the Coalition of the Radical Leftist party SYRIZA might win the most votes.
    "Antonis Samaras can not, and Alexis Tsipras does not want to govern Greece," this is how a famous political scientist commented on what will happen in the country starting from Monday. New Democracy and SYRIZA will be the two largest parties in the future Greek Parliament and one of them will have to take the responsibility for the management of the country. If this is New Democracy, it probably won’t start to implement the imposed structural reforms and won’t cut the public sector, as this would mean that it will have to do without it’s own the party clientele. On the other hand SYRIZA wouldn’t want to and will try in any way not to take the power because its leadership has clearly shown that it is not a governing party, but it is a party of the street protest.
    All analysts are explicit that whatever happens in today's elections, Greece will not calm down and that tomorrow the 18th of June will be the beginning of another series of the long-term Greek drama. Political instability causes a further deepening banking crisis. During the week before the elections alone, amounts of between 5 and 6 billion euro have been withdrawn from the banks. With this, the amount of withdrawn deposits for the period between the elections on the 6th of May and the 17th of June reached 15 billion euro and some analysts argue that the amount is 20 billion euro.
    The Bank of Greece in cooperation with the commercial banks are considering their strategy in the event of a bank run – a panicky withdrawal of money in case of a risk for exiting from the eurozone. Without having reached an agreement among themselves, the most likely answer of the bankers will be to put an "limit" on the amount of money which citizens will be able to withdraw in cash both at the bank offices and from ATMs.
 Financiers, however, urged not to panic because the vaults of Greek banks are directly charged by the European Central Bank and it has already "reinforced" them with 100 billion euro. In an article distributed via the social networking Twitter, Mohammed El-Erian, Chief Executive of the largest investment fund in the world, PIMCO warned that a possible chaotic GREXIT would lead to collapse also for the global banking system.


Tags: elections in Greece New Democracy SYRIZA Alexis Tsipras Antonis Samaras banks withdrawal of deposits
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