On Sunday, May 6, one of the great nations of Europe and the developed world tossed out its right-center government for a left-center. This was less an adoption of a watered down socialism as a rejection of whoever was in power during the greatest economic crisis since WWII.
Greece, with the most high-profile and longest running economic downturn, is into a second wave of political crises, having first shifted in 2011 from a right of center to left of center unity government. In the latest round of elections, fringe left and right parties were enlarged to the detriment of the center parties, who have been trying to manage the crises and implement austerity measure. Gridlock is the result and new elections will be held.
As the recession settles in and austerity is blamed, instability will increase. Greece is heading toward default. Will that pull back other electorates from the abyss or is the Euro zone unraveling?
What is the impact on the American recovery and on the American presidential election?