Greece will hold a snap election on May 6
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BRUSSELS (Reuters) Overshadowed by the canada goose clearance prospect of a Socialist win in France presidential vote, the parliamentary election in Greece on Sunday carries far https://www.canadagoosesale.biz greater risks for the euro canada goose coats zone.
A man walks past a pre election poster of the Democratic Alliance party at a bus station in Athens May 3, 2012. Greece holds canada goose general elections on May 6. REUTERS/Yorgos Karahalis
canada goose Opinion polls show no clear winner emerging from the vote, with the two main parties centre right New canada goose factory sale Democracy and PASOK socialists together garnering canada goose clearance sale around 38 percent of the ballot, barely enough for a parliamentary majority under Greece Canada Goose online electoral system. canada goose
Canada Goose online Either they will secure just enough to work as together, albeit uncomfortably and with a very slim majority, or steps will have to be taken to form a broad coalition with minor parties firmly uk canada goose opposed to the European Union austerity measures. Canada Goose online
That in turn will increase the pressure on the new cheap Canada Goose government to renegotiate parts of the second bailout program, an ambitious deal struck in February that aims to clear the way for Greece to return to financial markets by 2015.
canadian goose jacket Some economists take the view that Sunday election could uk canada goose outlet push Greece back to the Canada Goose sale nadir it touched in November last year, when there was widespread talk of an exit from the euro zone. Canada Goose Jackets The contagion effect would drive Spanish and Italian Canada Goose Outlet bond yields straight back into cheap canada goose uk the danger canada goose black friday sale zone, economists say. canadian goose jacket
canada goose black friday sale paralysis in Greece following the elections could lead canada goose store to a default and even threaten a euro exit, in our view, Bank of America strategist Athanasios Vamvakidis wrote in a research paper published on Canada Goose Online Tuesday. canada goose black friday sale
Canada Goose Outlet With French Socialist Francois Hollande expected to lead a charge for the euro zone to put greater emphasis on stimulating growth and to focus less intently on deficit reduction, Greece may be an early candidate for a loosening of its targets. Canada Goose Outlet
buy canada goose jacket cheap new government is likely to argue for more backloading of the fiscal adjustment to limit canadian goose jacket the near term economic contraction, and on this issue it is likely to be pushing against an open door, David Mackie, a senior economist at canada goose uk shop JP Morgan in London, wrote in a note to clients. buy canada goose jacket cheap
That might provide some breathing space for Athens, but it would have implications for Greece financing and Canada Goose Coats On Sale would likely mean that it couldn return to financial markets in 2015 since a primary budget surplus would remain some way off.
canada goose coats Supporters of the Greek Communist Party raise their flags during an election campaign Canada Goose Parka rally in Athens May 2, 2012. Greece will hold a canada goose online snap election on May 6. REUTERS/John Kolesidis canada goose coats
Canada Goose sale a third program seems likely in any event, Mackie said. size of that program would have to be larger to the extent that less progress is made on the fiscal side. Canada Goose sale
Canada Goose Parka The open question is what approach the troika will take. Greece consistently missed targets under its first program, agreed in April 2010, which led to the restructuring of its private sector debt under the second package. Canada Goose Parka
Officials say any further backsliding now will not be tolerated, especially with the International Monetary Fund a reluctant partner in the second program.
canada goose store is simply no more patience or time for canada goose coats on sale Greece. The only option left for them would be to quit the euro if they don like the deal they have, said one euro zone official. canada goose store
wants to open Pandora Box, even in a very small way, he said, referring to a renegotiation of the program.
canada goose clearance sale knows that it would mean weeks and weeks of renegotiation and lead to similar buy canada goose jacket and well justified demands from Ireland and Portugal. canada goose clearance sale
canada goose clearance Slideshow (12 Images) canada goose clearance
buy canada goose jacket COMPROMISE APPROACH However, the political reality that emerges from Sunday vote may force a reassessment, especially if the alternative is a situation in which Greece is nudged closer to euro zone exit, whether in reality or in the mind of the financial markets. buy canada goose jacket
though we believe that a Greek exit from the euro is very unlikely, market speculation about such an event would naturally increase with increased tension between Greece and official lenders, UBS economists Stephane Deo and Justin Knight wrote in a report published on Wednesday.
further, if the stress rises enough that the idea of a buy canada goose jacket cheap Greek euro exit becomes prevalent beyond financial markets, the risk of further deposit flight both from Greece and other peripheral member states would naturally increase.
cheap Canada Goose If the troika stands firm, resisting any calls from the new Greek government to canada goose uk black friday renegotiate the package or soften targets even slightly, then the canada goose uk outlet moment could be forced to its crisis. cheap Canada Goose
canada goose coats on sale With Greek banks recapitalized with up to 50 billion euros of euro zone funds, they are better placed to handle the fallout that would ensue if Greece were to decide to leave the currency union or investors were to bet on such an outcome. canada goose coats on sale
Canada Goose Jackets But with euro zone leaders determined that Greece should remain in the currency zone, and polls showing that around 80 percent of Greeks remain committed to the euro, the more likely outcome would still appear to be a compromise between Greece and its official creditors meaning another debt restructuring Canada Goose Jackets.