Tuesday, March 27, 2012

Update: Greek Election in late April or May

by Bill McBride on 3/27/2012 11:12:00 PM

From the WSJ: Greece's Fringe Parties Surge Amid Bailout Ire

The election, not yet scheduled but expected in April or May, is shaping up as a public revolt against Greece's political establishment, which has backed the austerity policies that are the price of financial life support from Europe and the International Monetary Fund. Mainstream politicians are increasingly painted as leading Greece into a debt trap, then impoverishing it in trying to escape.

As a result, Greece's major parties, which have promised Europe they will enact yet another round of deep public-spending cuts by summer, are struggling for support.

Half the electorate plans to vote for radical opposition groups, ranging from Soviet-style Communists to anti-immigrant neo-Nazis ...
This sounds like a "just vote no" election.

Earlier on House Prices:
Case Shiller: House Prices fall to new post-bubble lows in January
Real House Prices and Price-to-Rent Ratio decline to late '90s Levels
All current house price graphs

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