Elections To Underwhelm as Greeks Lose Faith in Democracy

Citizens of Greece will go to the polls for the fourth time in three years. After all-or-nothing game of bailout chicken and a referendum that was quickly reversed when Greece faced an exit from the Euro zone has caused political fatigue with voters.

Elections tents are empty. Syriza promised to stand up and face up to European paymasters and they did, until it was time to face reality but in doing so they have deflated Greeks faith in the political system. After the rebel party was forced to play by the same rules that they had previously criticized. Greeks have tried all the flavors of democracy from center-left to centre-right and now Syriza all with very similar outcomes.

Syriza is hoping to win a majority to avoid ruling by coalition, but the rebel party-that-could is facing backlash for how it handled the referendum and the quick capitulation to European demands. Another coalition is expected and since at least ten percent of voters are undecided it is not clear Alexis Tsipras will remain as Prime Minister.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza