The reprocussions of the Greek win yesterday can go far beyond football and Euro 2012. They may very well shape the future of Euro (the currency), and possibly our world as we know it.
As you may know, Syrizia & New Democracy were running neck to neck in the polls for today's parliamantary election in Greece, with around 7% of the voters undecided as of the latest published polls a week and a half ago (Greek law bans publication of new polls in the last week and half before an election). Even the slimest of victories (0.1%) for either of these two parties over the other one, means an extra 50 seats in parliament - this particular law was passed many years ago to make it easier for a winning party to form a coallition government.
Syrizia has said that they will "tear up" the bailout agreements that the previous government signed with their European partners and has been running on a platform of nationalism, pride, and a future of hope for Greece, while New Democracy is expected to maintain the status quo. No one was able to form a coallition government after the last failed election 2 months ago, but the mere fact that a far left coallition (openly rejecting the bailout agreements) was propelled to the front line of Greek politics, shaved trillions of dollars from the world stock markets and put financial markets on edge.
That was with New Democracy having a comfortable margin of victory over Syrizia, but a victory for the latter, has generally been viewed as leading to an eventual default by Greece and the break-up of Euro - the reprocussions of which would not only affect those living in Europe, but every single one of us in every continent. Syrizia was already advancing in the polls after the last election, to reduce New Democracy's lead and even surpass them according to some polls. But the overall perception was that the two parties were tied going into today's election, with 7% of the voters still undecided as I mentioned earlier.
So, yesterday's win has undoubtedly revived nationalistic sentiments at a time when the Greeks were down, but not out. This will most likely, if not certainly, play into Syrizia's hand because it was already tapping into these sentiments in its campaign and if it manages to swing a portion of those undecided voters, even if it doesn't change the breakdown of decided voters, it will most certainly lead to Syrizia triumphing over New Democracy. Contingency planning has been ripe in European capitals for a "Grexit" (the term used to refer to a Greek exit from the monetary union), but since there's no precedence for this, no one really knows the potential extent of the damage or has any guaranteed tools to stop contagion to other Euro countries - namely Spain, Italy, Portugal and Ireland.
So, the world financial markets, and possibly capitalism as a whole, are hanging by a thread at the moment and with Spain - Euro's 4th largest economy - having accepted a 100 billion Euro bailout a week ago (even though they insisted no one should call it that!), almost everyone agrees that Italy - Euro's 3rd largest economy - is next and too big of an economy to be bailed out. Spanish bond yields had already hit all time highs prior to today's election and Italy's have been moving up in unisence to levels that were beginning to be unsustainable for both countries in borrowing money to service their debts. A Syrizia win will throw the entire system into chaos and the game yesterday may have just sealed the fate of these countries, Euro as a currency and our entire financial system.
:looti: