Photo: Mehran Khalili

The deepening Greek crisis – and need for debt cancellation

24th June 2012 Socialist Action 0

By Nicky Dempsey

The outcome of the Greek election means that the population will face further attacks on its living standards and that the economic crisis will be prolonged. SYRIZA, the only party that might have been able to form an anti-austerity government, came second with less than 3 per cent of the vote behind the victorious New Democracy. Given the Greek system of 50 top-up seats for the leading party and with the support of both the traditional social democrats of PASOK and from the Democratic Left (a rightist split from SYRIZA) the new government will have a large majority in Parliament. Whether it will be able to form a stable government is another matter.