New Greek Ruling Party Works Fast to Form Coalition Government
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iStockphoto/Thinkstock(ATHENS, Greece) — With virtually no time to spare, the head of the New Democracy Party that won Greece’s election on Sunday has begun trying to forge a coalition that will keep the country’s fragile economy from total collapse.
Voters selected Antonis Samaras’ party by a very narrow margin over a leftist bloc that wants to leave the eurozone and return to Greece’s old currency. Economists from around the globe maintained that that scenario would have spelled certain disaster for Greece and the rest of the world’s economy.
Samaras should be able to get enough allies on his side to moderate terms of the bailout agreement that Greece reached with the European Union and the International Monetary Fund.
Where things go from there is anyone’s guess, with some analysts already saying the point of no-return has already passed and the continent could soon be in the throes of a deep recession.
With Spain and Italy in similar straits, German Chancellor Angela Merkel has told Samaras that the new coalition must abide by its obligations and cannot go back on reform pledges previously made by Greece.
Copyright 2012 ABC News Radio