Any insight on the possible or likely outcome, European readers?
From Bloomberg News (6/15/2012):
Greek Candidates Make Final Pleas Before Vote With Euro at Stake
Greek political leaders made their final campaign pleas before elections tomorrow that may determine whether the country becomes the first member of the euro to leave the currency union.
“The first thing we must determine in the elections on June 17 is to choose between the euro or drachma,” New Democracy leader Antonis Samaras told a crowd of flag-waving supporters in central Syntagma square last night. He faced the Parliament building in Athens, the site of protests against austerity measures demanded in return for 240 billion euros ($303 billion) of emergency aid pledges. A vote for the anti- bailout Syriza party “means Greece out of the euro,” he said.
The vote will turn on whether Greeks, in a fifth year of recession, accept open-ended austerity to stay in the euro or reject the bailout conditions and risk the turmoil of exiting the 17-nation currency. World leaders, who gather for a summit in Mexico June 18, have said they’d prefer a pro-euro result, underscoring concern over global repercussions.
Almost 10 million Greeks are eligible to vote for the second time in six weeks after a May 6 ballot failed to yield a government.
Exit polls will be released when voting ends at 7 p.m. in Athens, with a first official result estimate due around 9:30 p.m. The final polls, published on June 1, showed no party set to win a majority.
Syriza leader Alexis Tsipras, who promises to renege on Greece’s end of the bailout deal, and New Democracy ran even in final opinion polls. The socialist Pasok party, which won the 2009 election and led the country into the bailout, was third at about 13 percent.
Tsipras told Athenians June 14 that he was sending a message that nobody should bet on Greece leaving the euro area.
“Turn your backs on the two parties of bankruptcy,” Tsipras told supporters, referring to the Pasok and New Democracy parties which co-signed the rescue. They “lowered the Greek flag and surrendered it to Angela Merkel”-- the German chancellor who led the demand for austerity -- he said.
(Full article at the link)
With the rumor (or was it an announcement? or does it matter?) that the world's central banks (ECB, FED, BOJ, etc.) will intervene in case of a dire credit crunch that may happen depending on the result of the 2nd Greek election this Sunday, there seems to be nothing to lose for the Greeks to vote out the incumbent parties.
Judging by how the stock markets around the world fared toward the end of this week (particularly that of the US), the central bank intervention is very much priced in.