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Greece

Three ways Europe and Greece could blow their last chance at a debt deal

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varoufakiseuclidPhoto credit to EPA/BGNES.

The world woke up to the news Monday morning that outspoken Greek finance minister Yanis Varoufakis had, at long lost, been dismissed by his prime minister, Alexis Tsipras.Greece Flag Icon

Varoufakis (pictured above, right, behind Greece’s new finance minister, Euclid Tsakalotos) had become, to say the least, a brake on negotiations with the Eurogroup, even though his widespread popularity and strident anti-austerity boosted Tsipras’s government to a stunning victory in Sunday’s debt negotiations referendum, whereby 61.31% of voters rejected a prior plan offered by Greece’s European creditors.

European officials struggled to reach consensus with Varoufakis, who just last week, in the middle of the rushed referendum campaign, referred to his European ministerial colleagues as ‘terrorists.’ Tsakalotos, an Oxford-trained economist, is expected to take a more mild-mannered approach, and he already supplanted Varoufakis as Greece’s chief negotiator back in April. That was, however, only to the extent anyone could supplant the motorbike-riding, free-wheeling Varoufakis, who gave his final press conference as finance minister Sunday night in a t-shirt.

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RELATED: If Grexit comes,
Greece will have wasted five years in depression

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Varoufakis’s resignation, along with a pledge of national unity across Greece’s mainstream domestic political spectrum, breathed new life into hopes for last-minute talks for a third bailout, allowing the country to reopen its illiquid and perhaps insolvent banks, lift (at least partially) capital controls that have limited daily cash withdrawals to €60, restore liquidity to ATMs that have run out of cash altogether, address Greece’s €1.6 billion default on June 30 to the International Monetary Fund and meet a July 20 deadline to make a €3.5 billion payment to the European Central Bank.

For all the celebration that followed the resounding ‘no’ vote in Sunday’s referendum, the coming Sunday could bring financial austerity far more severe than Greece has known in the past five years, marked by a nearly 30% drop in GDP growth and a 26% unemployment rate. Failure to reach a deal could result in a shortage of cash, food, medicine and so many other necessities to the extent that European leaders are whispering that Greece could require humanitarian aid.

Notwithstanding the dire consequences, a deal is not necessarily likely — or even possible. If they’re lucky, the European Union has five days to prevent Grexit. Here are four reasons why it will be so difficult in the hours ahead.  Continue reading Three ways Europe and Greece could blow their last chance at a debt deal →

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A detailed look at the European parliamentary election results (part 3)

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Nearly a week after the European elections, the reverberations are still shaking the entire continent, on at least two levels — the consequences of the historic level of eurosceptic parties elected across Europe and in terms of the growing battle between the European Parliament and the European Council over electing the next European Commission president. European_Union

In the first part of a Suffragio series examining the results of the May 25 European parliamentary elections, I focused on the five most populous countries in the European Union: the United Kingdom and France, where eurosceptic parties won the greatest share of the vote; Germany, where chancellor Angela Merkel won another strong victory; Italy, where prime minister Matteo Renzi won a near-landslide mandate just three months into his premiership; and Spain, where both traditional parties lost support to a growing constellation of anti-austerity movements — so much so that Alfredo Pérez Rubalcaba, the leader of the Partido Socialista Obrero Español (PSOE, Spanish Socialist Workers’ Party), Spain’s traditional center-left party, resigned. 

In the second part, I examined the results in nine more countries — Poland, Romania, The Netherlands, Belgium, Greece, the Czech Republic, Portugal, Hungary and Sweden.

In the third and final part, I examine the results in the remaining 14 countries of the European Union. Continue reading A detailed look at the European parliamentary election results (part 3) →

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The six world elections taking place this weekend — and why they matter

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I can’t remember a time when there have been so many crucial world elections taking place at such a frenetic pace.

The spring voting blitz began with a five-day period in early April that saw Afghanistan’s presidential election, Indonesia’s legislative elections, the beginning of India’s nine-phase, five-week parliamentary elections, Costa Rica’s presidential runoff and Québec’s provincial elections.

Since then, India’s finished its voting and elected a new government led by Gujarat chief minister Narendra Modi. Macedonia, Algeria, Iraq, Panama, South Africa, and Malawi have held elections, too, over the past seven weeks.

It all comes to a climax with five elections today — and another election that will take place over two days of voting on Monday and Tuesday.

Here’s a short look at each election — and why it matters to global policy. Continue reading The six world elections taking place this weekend — and why they matter →

Lithuania

Grybauskaitė headed for easy reelection as Lithuania’s president

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Though the disputed independence referenda in Ukraine’s troubled eastern oblasts attracted considerably more international attention, Lithuania also went to the polls on May 11 to elect a president.Lithuania Flag Icon

Dalia Grybauskaitė, the incumbent since 2009, easily led the first round with 46.61% of the vote, just shy of an outright victory, and she is almost certain to win reelection in the May 25 runoff against Zigmantas Balčytis, a member of the European Parliament, a former finance minister and, briefly for a month in 2006, acting prime minster. Balčytis is the candidate of the governing center-left Lietuvos socialdemokratų partija (LSDP, Social Democratic Party of Lithuania).

The runoff will coincide with elections for the European Parliament, where Lithuania holds 11 of its 751 seats.

Balčytis, a relatively uncharismatic candidate, won just 13.84% of the vote, however, only narrowly edging out Artūras Paulauskas, the candidate of the Darbo Partija (DP, Labour Party), who 12.20%.

Grybauskaitė, who lists the late British prime minister Margaret Thatcher among her political heroes, has been dubbed, somewhat unimaginatively, as Lithuania’s ‘Iron Lady,’ after amassing one of the most prolific political careers of any figure in post-Soviet Lithuania. A former finance official, Grybauskaitė served as Lithuania’s representative to the European Commission between 2004 and 2009, for much of that time as the commissioner for financial planning and the budget. As commissioner, Grybauskaitė worked to reduce agricultural subsidies from the European budget and she was responsible for passing the first such budget that held funding for the Common Agricultural Policy to below 50% of European funds for the first time in European Union history.

Upon returning to Lithuania, she easily won a first-round election running as a conservative independent against token opposition. Though Lithuania’s parliamentary government means that the prime minister is responsible for most of Lithuanian domestic policy,  Grybauskaitė holds a key role in setting foreign policy. She has championed Lithuania’s place in the heart of the European Union, the eurozone and in NATO, and she has fiercely resisted Russian designs on influencing its ‘near-abroad,’ especially during the most recent security crisis over the Russian annexation of Crimea and possible designs to influence eastern Ukraine.   Continue reading Grybauskaitė headed for easy reelection as Lithuania’s president →

Lithuania

Lithuania’s president throws post-election coalition talks into disarray

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Lithuanian’s highly respected president, Dalia Grybauskaitė, has upended what everyone thought would be a broad leftist coalition following the second and final round of Lithuanian parliamentary elections on Sunday.

Following a victory by the social democratic Lietuvos socialdemokratų partija (LSDP, Social Democratic Party of Lithuania), which won 38 seats after the first round on October 14 and October 28, it seemed likely that the Social Democrats would form the next government, a coalition headed by Social Democratic leader and former finance minister Algirdas Butkevičius.

It had always been expected that Butkevičius would lead a broad center-left coalition with the support of the more populist Darbo Partija (DP, Labour Party), led by Russian-born Viktor Uspaskich, which won 19.95% of the first-round vote on October 14 to just 18.46% for the Social Democrats and 14.90% for outgoing prime minister Andrius Kubilius’s center-right Tėvynės sąjunga – Lietuvos krikščionys demokratai (TS-LKD, Homeland Union — Lithuanian Christian Democrats).

That October 14 vote determined the 70 seats allocated to Lithuania’s parliament, the Seimas, by proportional representation.  The remaining 71 seats were determined by single-member district votes, many of which were determined in the runoff votes held last Sunday, after which the Social Democrats emerged as the largest force, followed closely by Homeland Union with 33 seats and Labour with 29.

Indeed, the Social Democrats, Labour and a third party — Tvarka ir teisingumas (TT, Order and Justice) — had agreed an electoral pact to form a government.  Together, the three parties would command an absolute majority of 79 seats.  So the outcome seemed more or less a fait accompli.

Until Monday, when Grybauskaitė intervened, arguing that Labour is, essentially, unfit for government, and pledging not to nominate a prime minister who will govern with Labour support:

…Grybauskaite said she refused to back a coalition which included Labor, which stands accused of buying votes during the two rounds of voting.

“A party which is suspected of gross violations in the election, which is suspected of false accounting and non-transparent activities cannot participate in the government’s formation,” the president told reporters.

She said police were investigating 27 election irregularities, 18 of which concerned alleged vote buying, with the Labor Party accused of involvement in most of them.

Grybauskaitė, a political independent, is a highly-respected former European Commission for Financial Programming and the Budget from 2004 to 2009.  In the May 2009 presidential election, she became Lithuania’s first head of state by winning a whopping 69.1% victory, with her closest rival Butkevičius at 11.8% support.

On Wednesday, however, the three parties invited a fourth party, the Lietuvos lenkų rinkimų akcija (AWPL, Electoral Action of Poles in Lithuania; Akcja Wyborcza Polaków na Litwie in Polish), a Christian democratic party devoted to ethnic Polish issues, into their coalition talks, which would give it 87 seats — more than the 85-vote majority it would need to override a presidential veto.  So it’s unclear that Butkevičius and his electoral allies are willing to back down, potentially setting up a constitutional showdown with Grybauskaitė, who is Lithuania’s most popular public figure by far. Continue reading Lithuania’s president throws post-election coalition talks into disarray →