Greeks head to the ballot box in two days for a contest that may determine the fate of the world’s first democracy and the future of the newest reserve currency, while roiling markets from Wellington to Wall Street.
Almost 10 million Greeks will vote for the second time in six weeks after a May 6 ballot failed to yield a government. The constitution permits a third election too. The final polls, published on June 1, showed no party set to win a majority. 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.
Central banks intensified warnings that Europe’s failure to tame its debt crisis threatens to roil the world’s financial markets and economy as Greece’s election looms as the next flashpoint for investors.
Taiwan’s Premier Sean Chen plans a Cabinet meeting, tentatively scheduled for June 19, to discuss strategy after the Greek election. European finance ministers plan to issue a statement at a summit of world leaders in Mexico scheduled for June 18-19.
“The dilemma is whether Greece has a European future,” Dimitris Papadoukis, 53, an employee at the state-owned Hellenic Post SA, said. “That is first and foremost. We may have delayed, or made mistakes, but that doesn’t mean we should go back decades.”
Deposit outflows jumped in the days following the May 6 election and were as much as 6 billion euros in May, Athens- based Kathimerini newspaper reported June 9, without saying where it got the information. Greek bank deposits by businesses and households rose to 166 billion euros in April from 165.4 billion euros the previous month, according to a statement by the Bank of Greece on its website on May 31.