Greeks vote as major economies watch closely

Greeks voted Sunday in an election that could undermine the euro and send the world's major economies into sharp downturn.

By Elena Becatoros,?Associated Press / June 17, 2012

Greece?voted Sunday amid global fears that victory by parties that have vowed to cancel the country's international bailout agreements and accompanying austerity measures could undermine the European Union's joint currency and pitch the world's major economies into another sharp downturn.

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For Greeks, it is the second national election in six weeks and arguably the most critical in decades, reflecting political turmoil sparked by a two-year financial crisis that some fear could force the country to abandon the euro and return to its old currency, the drachma. That in turn would likely drag down other financially troubled countries and threaten the euro itself.

The last opinion polls published before a two-week pre-election ban showed the radical left Syriza party of Alexis Tsipras running neck-and-neck with the conservative New Democracy party of Antonis Samaras. But no party is likely to win enough votes to form a government on its own, meaning a coalition will have to be formed to avoid yet another election.

The results of exit surveys were expected at the close of polling stations at 7 p.m. (1600 GMT) Sunday, and the first official projections were expected at around 9:30 p.m. (1830 GMT). Strong winds in the Greek archipelago forced the cancellation of some ferry routes, raising doubts about whether some voters would be able to get to islands with polling stations in time.

Inconclusive elections on May 6 resulted in no party winning enough votes to form a government, and coalition talks collapsed after 10 days. The vote, which also sent the formerly governing socialist PASOK party plunging to historic lows, sent a very clear message that Greeks have lost patience with the deep austerity imposed in return for the country receiving billions of euros (dollars) in rescue loans from other eurozone countries and the International Monetary Fund.

"I'd like to see something change for the country in general, including regarding the bailout," said Vassilis Stergiou, an early-morning voter at an Athens polling station. "But at least for us to get organized and at the very least do something."

Mr. Tsipras, a 37-year-old former student activist, has vowed to rip up?Greece's?bailout agreements and repeal the austerity measures, which have included deep spending cuts on everything from health care to education and infrastructure, as well as tax hikes and reductions of salaries and pensions.

But his pledges, which include canceling planned privatizations, nationalizing banks, and rolling back cuts to minimum wages and pensions, have horrified European leaders, as well as many Greeks. Tsipras' opponents argue that the inexperienced young politician is out of touch with reality, and that his policies will force the country out of the euro and lead to poverty for years to come.

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