Posted on January 6, 2015
by Jerry Alatalo
o, what will happen if the Syriza party and its leader Alexis Tsipras win Greece’s snap elections on January 25? This is the question men and women around the world are asking while the days to the Greek elections wind down. Recent polls show Syriza holding a lead from 3-9%, and this has led to pushing the Euro down to a nine year low. Many wonder if a Syriza win will lead Greece to leave the Eurozone and the Euro currency, returning to sovereignty and a sovereign currency – the drachma, which was the primary Greek currency before adoption of the Euro.
Greek debt has risen to 175% of its gross domestic product, far above the level which makes those debts impossible to repay. The unemployment rate in Greece isnear 25% with youth joblessness at 50%. Compiled negative economic statistics result in real-life consequences for the people of Greece, who have become strongly opposed to the Troika’s belt-tightening demands on their government. This increasingly depressing, multi-year set of conditions in Greece has many political/economic analysts predicting an election victory for Syriza.
Syriza has expressed its intention of remaining in the European Union if victorious at the election polls, but holds firm on its anti-austerity stance and renegotiation of the nation’s debt to the so-called ‘Troika” – the European Union, International Monetary Fund, and European Central Bank. Many see such renegotiations as a very strong possibility if Syriza gains political power, which could then lead to some or all Eurozone states to demand the same re-do of their national debts.
Although Syriza has pronounced its plan to stay in the Eurozone, if that decision became reversed and the country did leave, some believe other European Union states would follow suit.
Of more concern are massive derivatives “bets” linked to economic and financial conditions in Greece which would become payable should Syriza choose options that created the conditions which set those financial instruments off. Some analysts have gone so far as to predict a worldwide economic/financial crisis should the Greek situation move in ways that stimulate derivatives contracts. Whether the “Citigroup Provision” inserted into the United States “Cromnibus” spending bill recently, which put the American taxpayer back on the hook for multi-trillions of dollars worth of derivatives losses by the world’s largest banks, became written by bankers then passed by Congress with the situation in Greece (and the Eurozone) clearly in focus is uncertain.
Some see it as fitting that Greece, the birthplace of democracy, is where people will begin to fight back against austerity and the Troika, in an election which answers the question: “Who is really running Greece (and states in the Eurozone)? Mega-sized international financial behemoths whose bankers/owners look after their own interests – or the people?” The upcoming elections in Greece, coming very shortly at the end of January, will have enormous, potentially world-record-setting consequences rarely seen in the entire history of money.
From what may become a truly historic election, humanity could see the building of an entirely new international financial system that serves the people – oiling all parts of the real national economies of the world – instead of serving a small group of “elites” in the financial sector whose fruits of production are digital/paper contract profits made while participating in the “casino economy”.
In a process which could be compared to reincarnation, the birthplace of democracy over 2,000 years ago may become precisely the same place where humanity sees democracy born again.
All eyes are on Greece.
(Thank you to Aee Europe at YouTube)