The Greek Election by the Numbers

Greece Election

Here at SpecMat we’ve been meaning to evaluate the financial implications of Syriza’s victory in this weekend’s Greek elections. However, we’ve elected to not do this, but in lieu have provided some “numbers” to lend one’s attempt to nonnumerically do this for oneself. Briefly:

265. At $265bn, Greece’s economy is slightly smaller than that of the city of Philadelphia.

162. The leftist Syriza party resoundingly won this Sunday’s Greek election. They formed a governing coalition with the the right wing Independent Greeks. Together they control 162 seats of the 300 seat Greek legislature.

49. Panos Kammenos is the party leader of the Independent Greeks. He is opposed to gay marriage and civil unions, does not recognize the separation of church and state, wants to lower taxes on the rich (naturally, to stimulate economic growth), and is virulently anti-immigration/antiimmigrant (e.g. believes children of immigrants residing in Greece at birth should be denied citizenship). He’s 49 years old.

4. Kammenos often refers to Germany as the “Fourth Reich”.

5 and 2. Over the past 5 years, the government of Greece has agreed to endure “austerity” (a code word for gutting the public sector, e.g. slashing public programs, laying off public employees, etc.) in exchange for 2 international bailouts.

269, or 240 (and rising) . Alxis Tsipras is Syriza’s party leader (and likely new prime minister of Greece). His party’s campaign was staked on rolling back fiscal austerity demanded by Germany (and the troika) in return for $269 bn in bailout funds received by Greece.

2 3 15. Europe’s bailout plan for Greece expires on February 3rd of this year.

2, not 4.5. Syriza wants to run a budget surplus of 2% rather than the agreed to 4.5%.

90 days and 20. Greece’s stock market has lost 1/5 of its value in the past three months (not to mention the several billion euros withdrawn from Greece’s banking sector in anticipation of Syriza’s increasingly certain victory).

7.9. Greece owe’s $7.9 bn in bonds to the ECB in July and August of this year.

0. There is currently no money in the Greek treasury to pay back the ECB. Without a renewed aid package in return for more or at least continuing austerity, Greece will default (-or print drachmas?)

19 or TBA. There are currently 19 Eurozone member countries.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s