Greece

What will happen in this spring’s Greek elections?

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Evangelos Venizelos, formerly the beleaguered finance minister of what remains of the Greek government, fresh off a negotiation of Greece’s second bailout (including an orderly debt writedown deal with private creditors), won the uncontested leadership of Greece’s main center-left party Sunday, in advance of legislative elections expected to occur in late April or early May.

Although he had only served as finance minister since June 2011, Venizelos quickly became battle-tested in having faced down the “troika” of the International Monetary Fund, the European Commission and the European Central Bank.  If you can negotiate against Angela Merkel, Christine Lagarde and who-knows-how-many creditors, and you can emerge with Greece remaining intact, however delicately, perhaps you have a decent shot are rehabilitating the Panhellenic Socialist Movement (Πανελλήνιο Σοσιαλιστικό Κίνημα), or “PASOK” (ΠΑΣΟΚ in Greek).

But if Greece’s economy is in shambles, its politics are perhaps in even worse shape — no one thinks Venizelos’s new job will be any easier.

A new poll today shows PASOK with just 12.5% support (down from the 44% it received in the 2009 elections), and Greece’s center-right New Democracy party (Νέα Δημοκρατία) with just 22.5% support (down from 33.5% that it received in the 2009 elections).

Former minister of culture Antonis Samaris will lead New Democracy into the election, which will be only the second Greek election that neither a Papandreou nor a Karamanlis will lead one of the major parties, at least since Greece returned to democracy in 1974.

Continue reading What will happen in this spring’s Greek elections? →

Senegal

Sall: ‘really he is a Wade boy’

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The BBC today runs a very sharp profile of Macky Sall, who seems likely to defeat incumbent Abdoulaye Wade to become Senegal’s next president. 

Sall once served as Wade’s prime minister and protégé before their political break in 2007.  After finishing second in the first round of the Senegalese election to Wade last month, the opposition has embraced Sall in order to deny Wade a constitutionally dubious third term.

The profile echoes some of the themes I highlighted yesterday, however, that Sall’s election represents continuity in the West African nation, just the kind of continuity that won’t trigger a constitutional crisis:

“Nobody can dismiss Mr Sall from what this [Mr Wade’s] party has brought in negative terms to the social infrastructure of this country, in terms of destroying the democratic fabric and allowing corruption to develop exponentially,” Senegalese writer and journalist, Adama Gaye, told the BBC’s Focus on Africa programme.

“I would not be surprised if people within the liberal party of Abdoulaye Wade join Macky Sall if he wins – and ultimately he will end up running a country with his method,” he said.

“I don’t see him as being different from Abdoulaye Wade – really he is a Wade boy.”

After a decade of economic stagnancy, however, the opposition may find that its support of Sall somewhat unfulfilling if his administration turns out to be Wade-without-Wade.

Australia

One month on, what future for Labor?

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Nearly one month on from the leadership race that nearly tore apart the Labor Party, what do we know about the state of Australian politics?

First the relevant facts:

  • Kevin Rudd has returned to the backbenches after losing the leadership vote (71-31), where he has pledged not to challenge prime minister Julia Gillard for the party leadership before the next federal election.
  • Rudd has once again taken to his home state of Queensland to lick his political wounds, campaigning hard in advance of local state elections to be held this Saturday, March 24.  Rudd, who remains perhaps the most popular politician in Australia, is especially popular in Queensland.  Labor has held state-level power since 1996, but Queensland premier Anna Bligh seems unlikely to win a sixth-consecutive term for her party in the state, leaving Labor party out of power in the four largest of Australia’s six states.
  • Gillard remains slightly more popular than Coalition leader Tony Abbott as prime minister, but Labor’s primary vote share has fallen from 35% to just 31% since the leadership crisis — on a two-party preferred basis, the Coalition would defeat Labor 53% to 47%.  Gillard must announce a general election before November 2013.
  • Former NSW premier Bob Carr has been appointed by Gillard to the Senate and as the new foreign minister, replacing Rudd.
  • Gillard yesterday secured the passage of the Mining Resource Rent Tax, a 30% tax on Australian coal and iron ore miners with profits in excess of $75 million, which is expected to raise around $11 billion in revenue over three years.  The mining tax is a complimentary step to Australia’s carbon tax, both of which take effect this July.  The carbon tax passed in November 2010 and imposes a pricing regime on carbon emissions by fixing a a tax on each ton of carbon emitted by the top 500 polluters, and will move to an emissions trading scheme in July 2015.

What does this all really mean? Continue reading One month on, what future for Labor? →

France

Mélenchon storms the Bastille

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Over the weekend, the candidate of the Front de Gauche, Jean-Luc Mélenchon, held a well-attended rally in Paris in front of the Bastille, as if to confirm his arrival as the man of the hour in France’s presidential election.

Once the undisputed leader of both rounds of the presidential election, Parti socialiste candidate and frontrunner François Hollande now faces an ascendant rival on his left flank who is now taking just over 10% of the first-round vote in polls, even as moderate candidate François Bayrou continues to hold steady in polls with between 10% and 15% of the first-round vote.

With the Parti communiste français so withered that even former candidate Robert Hue has endorsed Hollande, Mélenchon — himself a former Parti socialiste member who had clashed in the past with Hollande — has consolidated the far left to a degree not seen in a generation.  The last time a far-left candidate won in excess of 10% in the first round of a presidential election was 1981 under Georges Marchais, so a double-digit finish would itself be a milestone.

No wonder the left cheers Mélenchon every time he grittily attacks Front national candidate Marine Le Pen.

In reality, though, none of Mélenchon, Bayrou or Le Pen have the kind of momentum that vaunted Le Pen’s father into the second round of the 2002 race or that put Bayrou himself into real contention in the 2007 race.  Hollande — for now — is in no trouble of falling out of the top two spots in the first round, and polls show that he’s maintained a smaller, but nonetheless still double-digit lead over Sarkozy in the second round.  So why should he worry?  Continue reading Mélenchon storms the Bastille →

Venezuela

And Chavez is back…

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That didn’t take long.

After returning late Friday to Venezuela following three weeks of treatments for the relapse of his cancer, Venezuelan president Hugo Chávez is back at the center of Venezuelan politics.

He danced for supporters over the weekend and vowed to win the October presidential election, notwithstanding his most recent medical visit to Cuba.  Although Chávez has conceded the return of his cancer, he has not detailed the seriousness or nature of the disease or even much about its treatment.

On Monday, however, Chávez, in bizarre fashion, outlined an assassination plot against his chief rival, Henrique Capriles.  Chávez, in discussing the alleged plot, did not provide many details, but denied that the plot came from within the government.  The president offered protection to Capriles, although it’s debatable how much protection is truly on offer from Chávez, given that the announcement itself seemed a veiled threat against Capriles.

The latest “threat” comes just after shots were fired at a Capriles rally last week in a Caracas slum and Chávez stronghold. Continue reading And Chavez is back… →

China, Hong Kong

Final Tang-Leung faceoff before Sunday vote

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The three candidates for Hong Kong chief executive faced off in a final debate Monday, ostensibly to discuss property in Hong Kong.

The two top candidates, Henry Tang (above middle) and Leung Chun-ying (above left), traded barbs, and Tang even accused Leung of defamation, a somewhat puzzling development in the topsy-turvy race.

The race, once Tang’s to lose, is now a toss-up — the 1200-member Elections Committee makes its decision Sunday.  Although Hong Kong’s business elite have long preferred Tang, leaders in the People’s Republic of China have indicated some ambivalence about Tang as he’s become more embroiled in scandals.  Some observers believe remarks last week from Chinese premier Wen Jiabao show an unmistakable tilt toward Leung, who is by far the most popular choice among the Hong Kong populace.

An instant poll following the debate showed that viewers thought Tang performed the worst, behind Leung and pro-democracy candidate Albert Ho (above right).

Senegal

Senegal turns to runoff vote

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With less than one week to go until Senegal’s presidential runoff, the campaign’s narrative since the end of the first round has consistently been one of the opposition mobilizing behind the candidacy of former prime minister Macky Sall and against current president Abdoulaye Wade.

Wade won the first round of the election on February 26 with 34.8% of the vote to Sall’s 26.6%.

In the meanwhile, all 12 of the defeated candidates have endorsed Sall, including former prime minister Moustapha Niasse, who finished in third place, Parti Socialiste candidate Ousamne Tanor Dieng, who finished in fourth place and Idrissa Seck, also a former prime minister, who finished in fifth place. Sall, together with the 12 former candidates, joined for a rally last Sunday in Obelisk Square in Dakar, the site of several violent anti-Wade protests in advance of the first round vote.  Sall and the former candidates have formed the makeshift Alliance of Forces for Change in advance of Sunday’s runoff.

Prominent — and popular — Senegalese singer Youssou N’Dour, who was refused a spot on the ballot in advance of the first round, has endorsed Sall as well.  And so has the M23 movement, by and large — the loose coalition that came together to oppose Wade’s arguably unconstitutional run for a third term.  Although the M23 movement did not endorse any first-round candidate, it has mobilized behind Sall as the anti-Wade candidate.

The tense and sometimes violent protests leading up the the first round have now largely replaced by a triumphant opposition confident of victory.  Sall is popular in both Dakar and the countryside, and, with so much of the opposition to Wade lining up behind Sall, it seems more likely than not that Sall will win the runoff.  Continue reading Senegal turns to runoff vote →

China, Hong Kong

Asia’s wealthiest man endorses Tang

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Coming after a week in which the leadership of People’s Republic of China seemed to indicate that Hong Kong’s next chief executive should be the man who commands overwhelming public support, Leung Chun-ying, one of two vaguely pro-Beijing candidates in the three-person March 25 race for Hong Kong’s next chief executive, Li Ka-shing, Asia’s wealthiest man, has endorsed the one-time frontrunner, businessman Henry Tang, Leung’s opponent. 

Tang has long been thought to be the favorite of Hong Kong’s local development and business elite, and Li’s public support may sway undecided local Hong Kong players to support Tang, whose one-time inevitability has eroded in the face of lackluster campaigning skills, charges of infidelity, a swarm of bad publicity over building an unapproved basement in his current building (and blaming the illicit building project on his wife) and scandal engulfing the current chief executive, Donald Tsang.

Li’s endorsement, which follows comments from Chinese premier Wen Jiabao last week that Hong Kong should result in a leader who has the support of the “vast majority” of the people in Hong Kong, sets up a dynamic that pits a candidate backed by local developers (Tang) against another candidate (Leung) now seen to be favored by Beijing over Tang.  Continue reading Asia’s wealthiest man endorses Tang →

France

Adieu, Dominique

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Dominique de Villepin, the former foreign minister and former prime minister who was once an intraparty rival of French president Nicolas Sarkozy, has ended his somewhat quixotic bid for the presidency after failing to receive sufficient signatures to qualify for the ballot. 

De Villepin had polled around 1% in polls for this race, although voters gave him the nod as sexiest presidential candidate.

His long-shot center-right candidacy seemed like it was motivated primarily by personal animosity against Sarkozy rather than any specific policy goal.

Accordingly, his exit may give a very minor boost to Sarkozy — the French president remains far behind in second-round voting to Parti socialiste candidate François Hollande, but has been gaining ground in first-round polls with indications that his emphasis on immigration may be pulling votes away from Front national candidate Marine Le Pen.  Continue reading Adieu, Dominique →

Mexico

Peña Nieto holds on… for now

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With the formal campaign for Mexico’s president yet to begin, a new poll in the Mexican presidential race shows that PRI candidate Enrique Peña Nieto remains the frontrunner with 39% of the vote to 24% for PAN candidate Josefina Vázquez Mota and 18% for PRD candidate Andrés Manuel López Obrador, with 19% undecided.  

The poll shows some movement toward Vázquez Mota and some very modest movement to López Obrador.

Vázquez Mota made history last month by becoming the first female candidate nominated by a major party for president in Mexico.  The poll shows that while Vázquez Mota has made some modest gains since her nomination, she will have to make much stronger inroads between now and the July 1 vote.  Alternatively, the poll shows that while Peña Nieto remains the favorite in the race, he is no longer the overwhelming favorite that he appeared to be throughout much of 2011.

The race for the Cámara de Diputados (Mexican chamber of deputies) showed similar trends: 32% for the PRI, 22% for the PAN and 18% for the PRD. All 500 members of the Cámara de Diputados will be elected in the July 1 election, along with all 128 members of Mexico’s Senate. Deputies are elected for three-year terms, while Senators and the President are elected to six-year terms. In each case, incumbents are not allowed to run for reelection.

China

Bo knows Bo, but only Wen knows when

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The removal of Bo Xilai as the party secretary of Chongqing, coming hours after sharp criticism from China’s premier Wen Jiabao, is an unmistakable sign of the change coming to China’s leadership.

It seems clear now that Bo will not be among what are expected to the seven new (of the nine total) members of the Politburo standing committee to be appointed this autumn.

It also seems fairly clear that both the current Chinese leadership as well as Bo’s fellow “princeling” Xi Jinping, who is widely expected to succeed Chinese president Hu Jintao next year, will take a firm line against the more leftist / neo-Maoist model of leadership that Bo attempted to bring to life in Chongqing.  But we know fairly little about what the “Chongqing model” actually entailed — were Bo’s efforts there a bona fide campaign against corruption to root out organized crime or were they really an effort to persecute business and expropriate resources to build Bo’s own political organization in Chongqing?  I suspect we won’t know the answer to that anytime soon.

So while it’s easy to see this as a victory for market liberals and a defeat against the new left, you can also spin a lot of narratives about the Bo earthquake. Continue reading Bo knows Bo, but only Wen knows when →

Ireland

One strategy for the Irish vote: blackmail

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The economists have spoken: Irish voters should vote “yes” on the fiscal compact later this spring or else.

From a report from Ireland’s largest stockbroker comes the following:

A No vote would cast doubt over Ireland’s commitment to the euro and could trigger a ratings downgrade which would destroy our chances of returning to the bond market for the foreseeable future, he added. Yields on Irish bonds are likely to rise ahead of the vote, which will be held some time this year.  Bond yields would rise sharply if the people were to vote No but fall if the people were to vote Yes.

The gauntlet has been laid down — I expect this refrain to become a steady drumbeat in advance of the referendum.

 

China, Hong Kong

Xi’s just not that into you

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The too hot-to-handle race for Hong Kong’s third chief executive is now so electric it’s verboten to report on the race on the Chinese mainland.

In fact, China and Hong Kong may have stumbled into one of the most (accidentally) democratic elections in the Middle Kingdom’s history, as everyone scrambles to determine which candidate is truly favored by Beijing.

The March 25 race is all the more relevant considering that Hong Kong affairs fall within the portfolio of Chinese Vice President Xi Jinping, the presumptive heir to outgoing Chinese President Hu Jintao, who will step down in 2013.

Three candidates are running for the post, which will be vacated by current chief executive Donald Tsang on July 1:

  • Henry Tang, a businessman who began the race as the favored Beijing candidate as well as the favorite of local Hong Kong developers;
  • Leung Chun-ying, another pro-Beijing candidate who has become the popular favorite, notwithstanding his pro-Beijing sentiment; and
  • Albert Ho, an anti-Beijing candidate of the Democracy Party who has no shot of winning;

The election is not an exercise in direct democracy (or even representative democracy), but rather a decision of the Election Committee, an electoral college of 1,200 Hong Kong SAR residents, which will vote on the basis of Hong Kong business interests as well as the interests of the top leadership echelon of the People’s Republic of China.

In other words, the chief executive will have to be acceptable to both the local business elite as well as to the PRC leadership.

And amid tawdry revelations at every turn of the scandal, there are conflicting signs about the PRC brass’s favorite.

Increasingly, though, in a turn worthy of Yes, Minister, it appears that the unofficial pro-Beijing candidate (Leung) could now be, unofficially, Beijing’s official candidate.

Instead of the officially official candidate (Tang).

Continue reading Xi’s just not that into you →

Ireland

Kenny to target Irish referendum in late May

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Irish Taoiseach Enda Kenny is eyeing late May for a referendum to approve December’s European Union-wide fiscal compact — although we may not know the exact date until later this month, per The Irish Times.

Timing is crucial — right now, polls show Irish voters in favor of the treaty, but two months is a long time for opponents to foment opprobrium against a treaty that would place a fiscal straightjacket on national finance ministries by limiting signatories to an annual budget deficit of just 0.5% of nominal GDP.

So the sooner that the referendum is held, it is thought, the better for treaty supporters.  If held in late May, the vote would follow both rounds of the French presidential election, where François Hollande — an avowed opponent of austerity who has called for renegotiation of the terms of the fiscal compact — currently leads polls, as well as tentative Greek legislative elections planned for April.

An outcome that would jeopardize European unity in any of the three could spook European investors.

Although the fiscal compact — not technically an EU treaty after the UK and the Czech Republic opted out — will go into effect with the approval of just twelve countries, Europe will still pay nervous attention to the vote.  The Irish referendum will be the only opportunity for a popular vote on the treaty across the EU, and so a stingingly public defeat would give other nations an excuse to opt out, or at least think twice about the treaty.  Ireland itself, already under the constraints of IMF- and EU-imposed fiscal austerity, is the recipient of bailout money to support its public debt.  An Irish defeat could jeopardize future bailout money and spark an investor crisis throughout the eurozone. Continue reading Kenny to target Irish referendum in late May →

Senegal

Election rap, Senegal edition

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As Senegal prepares for the March 25 presidential runoff, here’s your latest ditty — “Le Vote,” a charming little number from Ousmane “Ouza” Diallo.

The song, which is in French, advises voters to accept money, if offered, from candidate representatives, but simultaneously advises voters to vote however they wish, no matter who provides them money or handouts.

The song warns voters, however, not to sell their election cards required to vote at the polls.

More background from Reuters.

 

 

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