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Greece election to decide fate of euro

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Published on Jun 15, 2012

Greece is holding elections next Sunday in what could be a decisive day for the fate of the euro zone. After Greek political parties failed to form a government on the 6th of May, Greeks go to the polls again to decide wether they want to keep the euro.

Recent polls have shown a tight race between anti-bailout extreme-left coalition Syriza and center-right New Democracy. Earlier this week, Syriza's leader insisted that he doesn't hope for a Greek euro exit, but he wants to renegotiate the severe bailout conditions imposed by the Troika.

But president of the European Commission Jose Manuel Barroso said on Wednesday that Greece should respect its commitments if they want to stay in the euro area.

Greece must implement additional public spending cuts by the end of June if they want to continue receiving bailout funds. Fearing a messy return to the drachma, Greeks have been withdrawing as much as €800 million per day from their bank accounts, according to Reuters.

The uncertain situation in Greece could have serious effects on other troubled euro area economies. Spain is under market pressure after Madrid requested up to 100 b euros from the EU bailout fund to recapitalize its banks.

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