Greece to head to polls again after talks collapse

Elena Becatoros and Nicholas Paphitis - The Associated Press

AP Photo/Petros Giannakouris
People walk outside the Greek parliament on Tuesday, May 15, 2012. Greece is headed for another month of political paralysis ahead of new elections in mid-June, after party leaders on Tuesday failed to reach an agreement to build a coalition government. The protracted deadlock and the prospect of an anti-austerity party winning the new vote hammered Europe's markets on fears that the debt-crippled country could be forced out of the European single currency, triggering shock-waves throughout the 17-country eurozone.

ATHENS, Greece (AP) — Greece headed into a month of political uncertainty after power-sharing talks collapsed Tuesday, triggering new elections that could determine whether the country retains its tenuous position in Europe's currency.

Nine tortured days of fruitless talks to build a coalition government fueled increasing doubt that Greece can make enough reforms to prevent the world's largest currency union from fracturing.

"We expect the euro to remain under pressure as a result of this, and pressure on the borrowing costs, the bond yields, of countries like Spain and Italy to persist," said John Bowler, director of the Economist Intelligence Unit's Country Risk Service.

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May 15, 2012

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1. Niko Seretis wrote on May 15, 2012 11:08 AM	What a disaster!

2. Argyrakis VAN wrote on May 15, 2012 12:50 PM	I am so tired of reading about this tragedy. I going to tune out!

3. Philip Vorgias wrote on May 15, 2012 2:22 PM	Samaras is as much to blame as anybody, he INSISTED on elections because of his own ambition to be the next PM, even when it was obvious how they would turn out. He's the main clown in Greek politics today. Tsipras is just a loud-mouthed buffoon-the kind the Greek people seem to love, just like Andreas. He hasn't got any solutions for Greece, but he's got the Greeks behind him. Finally, Venizelos is a caricature of what destroyed Greece. He voted-in fact, was a KEY vote-for the immunity legislation which protected corrupt officials from being prosecuted. What an appalling bunch of absolutely worthless political hacks!

4. Philip Vorgias wrote on May 15, 2012 2:28 PM	Up until recently I had faith that Greece would weather the crisis and stay the course. Not any longer. Greeks have the unique ability to turn any crisis into an utter disaster-usually by giving power to the absolutely wrong man at the wrong time. They've done it repeatedly during their recent history. It's readily apparent the Greek voters are going to buy the snake oil Tsipras is selling and get booted from the EUROZONE. When that happens it will be an economic disaster the likes of which will turn today's situation into a pleasant memory. My only solace is I'll get to watch Armodios try and explain how it's better for Greece in the long run-and I'll get to watch the smug smirk disappear from Tsipras' stupid face when Greeks finally hold him accountable. On their heads be it, the Diaspora is moving on.

5. Dionysios Markopoulos wrote on May 15, 2012 4:29 PM	This vote is truly because Samaras pushed for it. He thought he was gfoing to become PM as though Greece owes him the position. He and Mitsotakis messed up with Skopia and this idiot is back to wipe out Greece through these disastrous elections. But the Greek people are truly fools. As though the rest of Europe owes them something?! Who do they think they are behaving this way towards Europe which saved them? What will happen when Greece leaves the Eurozone and then Turkey seizes the oil and natural gas areas in the Aegean and off of Cyprus? How will Greece protect itself from Turkey? Not one of the European countries will help Greece after all this trouble that the Greeks are causing for Europe. I am amazed, dumbfounded at the foolish choices the Greek voters made.

6. Niko Seretis wrote on May 15, 2012 10:11 PM	Good question Dionysios. What will happen to the Greece when they bow out of Europe? The same thing that happened to them in the last century. We lost Pontus, Constantinopolis, Smyrna, Northern Epirus, Imvros and Tenendos and Northern Cyprus. Our leaders are just following their predecessors and our citizens are as blind to it as previous generations were! Makes me sick to watch. I have no solutions and I'm not an economist but neither does Tsipras!

7. Nicholas Kostopoulos wrote on May 15, 2012 10:58 PM	I agree the islands that Turkey wants will be in her possession by lets say 5 years. Greece's politicians are totally corrupt and don't know the first thing in running a country. Their stupidity and corruption has brought Greece to the steps of total collapse. Too bad there is no alternative to the present jokers they have. We can hope that Greece in the distant future will again emerge from the dark ages and take its place in the world.

8. Argyrakis VAN wrote on May 15, 2012 11:04 PM	All you need to do is look at The Acropolis and you know Greece will survive! The U.S., on the other hand, is what I am really worried about.

9. Philip Vorgias wrote on May 15, 2012 11:29 PM	Dionysios made a truly astute observation. Being in the EU has given Greece protection from Turkey it otherwise wouldn't have. The Turks-aggressive as always-would never mess with EU member Greece. But what about a Greece thrown from the EUROZONE and possibly the EU? What about a Greece economically decimated because it turned it's back on the EURO and went back to an inferior currency? The Turks wouldn't hesitate to make moves and thumb their noses at Greece-as they did in past centuries. Tsipras is planning the destruction of modern Greece, nothing less. And Greece may 'survive' Evan, but it'll be a Greece with considerably diminished standard of living and impact on Europe. Greece will be the next Albania in the Balkans.
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Saturday, May 18, 2013 Last Update: 4:19 AM ET