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The Foreign Press on the Acceleration of the Greek Presidential Vote [Video]

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On the acceleration of the procedures for electing the new President of the Hellenic Republic and the market’s reaction on the development referred today all major international media, concluding that the early election carries political risks.

A Bloomberg report highlighted that “the Greek stocks and bonds dip after Prime Minister Antonis Samaras’ decision to expedite the process of electing a new President,” which might lead to early general elections. Chief economist of London’s Berenberg Bank Holger Schmiding told Bloomberg that Samaras’ choice “is a risky bet,” adding that “early parliamentary elections in January may lead SYRIZA party in power.”

The Financial Times noted that the Greek Premier proceeded to a move which puts a lot in stake, following the Eurogroup’s conclusion that Greece has not completed the necessary reforms in order to receive the last installment of the aid program. As the newspaper stressed, analysts say that the government may marginally succeed securing the 180 votes needed for the election of a President in the third ballot round. “The Prime Minister’s gamble appears to be based on a hope that a new promise to end the hated bailout in February would be enough to win over the parliamentary support he needs. A government collapse followed by a SYRIZA victory in subsequent elections would plunge Greece into turmoil and vastly complicate negotiations between Athens and its creditors. SYRIZA has touted a radical debt restructuring and much higher public spending,” the report underlined.

While characterizing the vote as a high-stakes move, the Wall Street Journal underlined that “after years under threat of default and chaos, Greece, once again, faces interlinked political and economic crises. Fearing a fresh bout of political uncertainty in the months ahead, representatives of the European Central Bank, the European Commission and the International Monetary Fund – the so-called Troika that sets terms for the bailout – have been dragging their feet on the latest negotiations. Those delays are eroding the Greek government’s hopes of winning parliamentary support for its presidential candidate. By rushing the vote, the government hopes to regain momentum.”

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