General opinion of economists are that, without closer links and financial federation, the Eurozone will splinter. A EuroBank availanle to all countries, EuroBonds, the same tax policy and social security policy is needed throughout the Eurozone. If that really happened the Euro could be the strongest currency and Europe the global powerhouse, with Eurosceptic Britain, now in a double-dip recession due to UK austerity measures, losing out. Austerity without growth does not work, the 1930s depression was caused by that after WW!, current Eurozone policy is the same as that imposed on Germany after WWI, which led to Hitler. Only West Germany benefited from a Marshall Plan and that was created before West Germany existed.

After 25% of votes have been counted the results is in doubt, and PASOK stated that it would not form a coalition with ND. ND is leading by approximately 5% over SYRIZA and Angela Merkell has stated that Greece could negotiate for more time to pay, in order to allow growth.

During interviews with former PM Papendreaou, an ND candidate and two economists the following was stated on British BBC news.

From the 25% of votes counted so far, ND 30.8%, SYRIZA 25.7%. Exit polls suggest that ND will get the extra 50 votes, 127 ND, SYRIZA 72. PASOK 13.8% from exit polls. Merkel says Greece will be given more time if the memorandum is kept. In a UK interview with Papendreau he said that the state needs reform but the old parties don’t want political reform, SYRIZA does but its policy would cause Greece to be thrown out of Euro with a 20% cut in wages above that under the memorandum and problems importing anything. He said that Greece has shown the weakness of the Eurozone and markets will have no trust until there is close fiscal union between all Euro countries plus more public accountability for Brussels.

For me this means that both parties have something to offer to improve Greece in the future, and if a coalition between the two leading parties could be formed it is possible that politicians would, for once, act in the interests of the country andf the people. But I fear it highly unlikely that there can be a coalition between the two parties.

Angela Merkel’s statement was made after polls closed, so I think this to be absolute truth. That there is room to ease up according to the promises of ND but Germany and other EU countries see SYRIZA as a party using either bluff or blackmail and there is an absolute refusal to give in to either. Giving in to that extent could be the beginning of the complete break-up of the Eirozone in the same way as paying ransoms for hostages encourages more hostage-taking. The USA compares the effect of Greece leaving the Euro on the global economy as equivalent to the collapse of Lehman Brothers, which was the beginning of the 2008 global credit crunch for the same reason, the intertwining of global money markets.

From my reading of global history and the obvious fact that austerity with no growth can only lead to a worsening situation with greater deby, as seen in the Eurozone by Greece, and outside by the UK, which kept it’s own currency but voluntarilarily embarhed on extreme austerity, these countries are both in recession. Before extreme austerity was imposed in 2010 the UK was slowly moving into growth, now austerity measures have driven the country back into recession.

If the fiscal plans for Germany after WWI are studied, such as the Young plan can be seen as the same as used now in Greece. This plan led to Hitlar gaining power. In order to avoid a repeat situation the Marshall Plan was instituted by Germany after WWII, that plan cancelled all debts and blocked all repayments. Germany is now the wealthiest country in the EU because of the Marshall Plan.

I see the future of Greece that must allow growth and reform government plus state employment, encouraging private investment. Would the people trust there government more if the imunity enshrined in the constitution were removed? If income tax was at the level of other EU countries and everybody had to pay tax, would there be more trust?