Greek Parliamentary Vote for New President Fails Again… The New Democracy’s candidate for President failed to get enough votes to take office, for the second time in two weeks. If he fails to get enough votes on December 29, Greece will hold snap elections where the current Prime Minister could lose his position.
What it means — This is definitely high drama. The ruling party, New Democracy, is led by Samaras, who has abided by the requirements of the Greek bailout that were set down by the troika from the European Union and the European Central Bank.
If Greece holds nationwide elections, current polling suggests that the far-left Syriza party would win. This group has denounced the troika and its austerity measures for years and called for greater spending on social programs. An election favoring Syriza would send Greece into a tailspin that might see the country leave the euro. This would make for a very unpleasant surprise right before the New Year.