The chances of calling fresh elections now appear almost inevitable.
Greece entered a third day of political uncertainty on Wednesday May 9, 2012 after last Sunday’s elections produced no clear winner with efforts at forming a coalition government becoming slimmer by the day, The Wall Street Journal said. The impasse has prompted growing speculations that voters in the troubled euro-zone country could be asked to return to the polls within a matter of weeks.
The leader of Greece’s Pasok party, Evangelos Venizelos, is making a third attempt to form a coalition government, the BBC said. He was expected to meet President Karolos Papoulias yesterday May 10, 2012 to receive a three-day mandate to try to form a government. The renewed talks follow failed bids by leaders of the centre-right New Democracy and radical left Syriza bloc. Pasok came third in the May 6, 2012 parliamentary elections.
Sunday's elections revealed a country divided over plans to bring it out of its debt crisis. Financial chaos has sparked huge social unrest in Greece and led to a deep mistrust of the once-dominant parties which backed austerity. Observers say Pasok is now deeply unpopular as it is seen as the architect of the country’s current austerity measures; in addition to allegations of corruption. The party dominated Greek politics for most of the past four decades, but managed the third position in the last elections, securing only 41 seats – a quarter of its pre-bailout support.
At stake is Greece's ability to implement austerity measures promised to its European partners and the International Monetary Fund in exchange for a new 130 billion Euros (about FCFA 85,274 billion) bailout agreed in March. The first test of that commitment will come as early as next month when Greece must take some 11.5 billion Euros (about FCFA 7,543 billion) in new cutbacks to close a yawning budget deficit. Failure to do so could delay, and potentially threaten further aid promised to Greece, rendering the country unable to meet its obligations. Without further aid, Greece's government will not be able to go beyond July, an official warned.
