(Image source: Bloomberg) BY CHRISTINA HARTMAN A narrow win for the conservative New Democracy
party in Sunday’s much-watched Greek parliamentary elections. And for western news outlets, that primarily
means one thing: BBC: “Greece’s place in the eurozone is
looking more secure…” Sky News: “They have at least decided they
are in favour, reluctantly, of the European bail out…” ITV: “Greek voters’ fear of what life
might be like outside the Euro seems to have trumped their desire to throw off the austerity…” Even before Greeks took to the polls analysts
were dubbing the elections a referendum on austerity — in a country whose financial
woes have sparked strict financial targets from international lenders. We should note:
It was close. The BBC notes, New Democracy’s victory over anti-bailout Syriza party was
slim. “Greece revealed itself as divided. But
the election has been won by a party committed to supporting the EU bailout deal. The voters
had been told they faced a stark choice – staying in the euro or leaving.” New Democracy now begins the work of forming
a pro-austerity coalition. And while winner called it a “victory for all of Europe”… CBS MoneyWatch’s Constantine von Hoffman
says it’s unlikely to slow the crisis of Europe’s economy. “…the collapse of Spain’s banking system
over the last two weeks now dwarfs the problems posed by what is happening in Greece. … Because
of this there will likely be little good news when markets around the world open tomorrow,
despite New Democracy’s victory.” But more than that — an op-ed for The Independent
suggests, in reality voters’ choice wasn’t that dramatic. “…because … New Democracy is also firmly
committed to changing the terms of the existing deal, which obliges Greece to slash its deficit
to below 3 per cent of GDP by 2014.”