NOVEMBER 30, 2014
Syrzia Wins Greek Elections: HOW WIDELY WILL THE POLITICAL SWING BE FELT?
DUBAI COLLEGE
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DC ECONOMICS SYRIZA WINS GREEK ELECTIONS In the last few days, political shockwaves have been sent across the EU, as the far left party, Syriza have formed a coalition with the independent Greeks, following the general election in the faltering economy. The main attraction that pulled such large numbers of the Greek electorate toward Syriza, was its anti-austerity stance and views to renegotiating the 427 billion euro’s worth of debt Greece owes following the 110 billion euro bailout from the European Union. This anti-austerity movement is what is concerning the policy makers in Brussels. So will a compromise be possible on either end, from Brussels or from the Syriza led government? Despite the radically differing views between the two parties, the coming months of inevitable negotiation may be more fruitful than rash assumptions might suggest. This is partly due to a mutual desire to keep Greece in the EU, as there is a fear that despite Greece making up only 2% of the euro zone economy, if Greece was the leave the European union, then this anti austerity feeling may spread through to other stuttering economies such as Ireland or Spain. Also, political reasons may force Syriza to compromise the Greek people who have suffered so much and continue to do so today with unemployment at around 25%; these people will not want to see months and possibly years of negotiations with no tangible settlement at the end of it, so Syriza may be forced to compromise slightly from its ideals of debt cancelation and a complete u-turn from the current austerity package, things Germany is not likely to be too eager to accept; Syriza would do this to try and appease the millions of Greeks who put Alexis Tsipras in office. Whatever the results of the negotiations to come, it is likely to be a turbulent few years for the EU, both politically and economically. Raahim Zafarullah
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