Euro-drachmas, Football, and the Poll of Poles

June 17, 2012

The Greek nation prepares itself for elections which are said to risk its exit from the Euro and return to the drachma. Meanwhile, attention in and outside the country turns to the Football championships where the Greeks also face an imminent exit

The football championship of Europe is being contested in Ukraine and Poland. The battle for the Euro also continues. Greece is involved in both contests.

The Greek Elections

The Greek Election have been described as a last chance for the Country to accept the harsh disciplines required for it to receive further financial support of its economy. Polls suggest considerable popular rejection of the authority plans, with the possibility of a return to the old currency. Most external commentators believe this would be a lose-lose result for Greece, for Europe, and to some degree for prospects of more rapid economic growth globally.

The Euros [Football]

Meanwhile the sixteen qualifiers in the European football championships slug it out in the stadia of the joint host-nations Poland and Ukraine. The German team is one of the favourites. But unlike their economy, Spain’s football has triple A status, and expected to meet Germany in the final of the championships.
England’s football currency is weak. The new coach is attempting to succeed through invoking a Thatcherian spirit, establishing a stout defence and refusing to get closer to the methods of their competitors from the Euro-zone.

The Poll of Poles

Poland is in the tournament by virtue of being a co-host with Ukraine. I was much taken by a report of the football frenzy in the country.

One news report [via the BBC, June 16th 2012]] told of internal polls of whether Poland would win its next match and thus secure its place in the knock-out stages. Football experts thought probably not. Politicians predicted a comfortable win. It was nice to learn that a group of forty economists were polled and predicted a close win for the home nation. I haven’t found out the degree of consensus present among the distinguished voters.

According to one financial analyst

Odds are, according to stock markets, Greek voters will not vote pro-Euro, but that won’t matter. Europe will stabilize the situation and provide liquidity to help Europe weather any meltdown in the weeks ahead.
My guess is that Greeks will watch the game first, before they vote, and if their team is humiliated, as expected, they will vote to behave themselves and stay in the eurozone. If their team pulls off an upset, all bets are off.

Postscript

It is typical of a Euro-centric perspective that I omitted to mention a significant poll going on in Egypt, where people are voting this weekend for a New President after the removal of Husni Mubarak.

The process was thrown into chaos with official announcements declaring the recent parliamentary election process invalid.

In the football, Greece triumphed. Poland were eliminated, contrary to predictions of their panel of economists. Politically, the Greeks are still voting [17th June 2012]

To be continued

Advertisements