5 Facts About the Greek Elections
On Sunday, Greek elections ushered in a radical left-wing Syriza government in sweeping fashion the party won 149 seatstwo short of an absolute majorityon the back of its anti-establishment, anti-austerity platform. How dissatisfied are Greeks with the status quo? How does that compare with Germany, heading into tense negotiations over the southern European country's debt? And where can Greece turn for support? Here are five facts that explain the situation. 1. Surging discontent, In 2010, Syriza was polling at 5. In last weekend's elections, they captured more than 36 of the vote. Meanwhile, Golden Dawn, an anti-immigration party with neo-Nazi associations, took third place with 6. Perhaps a different poll best explains this surge in support for anti-establishment parties. In a Pew Research survey measuring economic attitudes, Greece came dead last among all countries polled just 2 of Greeks think their economic situation is good. Compare that to the 85 of Germans who are happy with their economy., Eurasia Group, Pew Research, 2. 25 Greece's unlucky number, Why so much frustration with the economy? Since the financial crisis struck in 2008, the Greek economy has shrunk by more than 25. So have wages. The unemployment rate is over 25 too. Youth unemployment is double that, rising to 50.6 in October. Compare that to 7.4 youth unemployment in Germany., Los Angeles Times, the Guardian, the European Magazine, Trading Economics, 3. Under pressure, When Greece inked a historic bailout worth 270 billion dollars, or some 25,000 per Greek citizen from the Troikathe International Monetary Fund, the European Commission and the European Central Bankit came with a quid pro quo. The government has undertaken drastic cuts in government spending to try to balance the budget. Education funding has been decimated over six years of austerity, the Ministry of Education's budget has been slashed by more than 35. The pain adds up the University of Crete endured a budget cut of 75 in 2011, an additional 15 the following yearand a 23 cut is scheduled for this year. Syriza's argumentthat such cuts are a bad bet for Greece's future and will undermine longer term growthresonates with the broader Greek population. CNBC, European Parliament, 4. Brain drain, With the numbers so bleak, it's no wonder Greeks are leaving in droves. Migration outflows are up 300 compared to pre-crisis figures roughly 2 of the population has left, some 200,000 people. Somewhat ironically, over half of these emigrants have headed for Britainand for Germany. Since 2010, more than 4,000 Greek doctors have left the country for jobs abroad. The Guardian, NPR, Deutsche Welle, 5. Pivot to Russia?, Greece has had a little help from a friend outside the EU. In 2013, Russia surpassed Germany to become Greece's largest trading partner, with trade flows of 12.5 billion. Tourism is a huge part of the Greek economy, contributing over 16 of GDPand Russia has been the fastest growing source of new visitors. In 2013, tourism revenues from Russia skyrocketed 42. Of course, recent Western sanctions undermine this budding relationshipa weaker ruble means less tourism, and Russia's EU food export ban hurts Greek fruit exporters. This could explain why new Greek Prime Minister Alexis Tsipras met with the Russian ambassador to Greece within hours of taking officeand publicly expressed his disapproval with new EU condemnations of Russia. Bloomberg, the OEC, EU Observer, Foreign-affairs columnist Bremmer is the president of Eurasia Group, a political-risk consultancy. His next book, Superpower Three Choices for America's Role in the World, will be published in May