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PM announces May elections as political world argues over Tempe [ΙnTime News]
Welcome to the weekly round-up of news by Kathimerini English Edition. The week began with former Transport Ministers Kostas Karamanlis, Christos Spirtzis, and Michalis Chrysochoidis appearing before the Parliament’s Institutions and Transparency Committee. In a mammoth session, the former ministers debated the state of the telecommand system of the railway network at Larissa station in the aftermath of the deadly head-on rail collision at Tempe on February 28. It is still unclear exactly how the system in Larissa works, with Kathimerini’s Paschos Mandravelis noting that both sides have engaged in the proliferation of “alternative facts.” The clashes over the exact range and capabilities of the Larissa station system continued throughout the week. The government and opposition also sparred over the implementation of contentious “Contract 717”, that would provide for the automatic operation and signalling of the railway. SYRIZA’s minister Spirtzis stated that his government delivered the project at 72% completion, while New Democracy’s Karamanlis, who resigned following the collision, claimed that it was only at 18%. At the same time, Prime Minister Kyriakos Mitsotakis announced that elections will be held in May during a television interview in which he once again called for the electorate to give his party a clear majority. With elections most likely taking place in late May, this will lead to a more than 100-hundred-day political marathon as the most likely scenario for the first ballot will be a political impasse due to the proportional representation system that will be used to determine the composition of parliament. This will likely lead to a second round of voting under a different electoral system. In his own interview, the leader of likely kingmaker PASOK, Nikos Androulakis, stated that he would not support a government led by either Mitsotakis or SYRIZA leader Alexis Tsipras but would instead look for a different political personality to lead a coalition government. Spotlight
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OPINION
 [ΑP]Going beyond the niceties that one expects in a US President’s proclamation marking a country’s Independence day, Joe Biden made a few important points of real substance in his statement about Greece. He noted of course the role of Greek Americans, and the common values. It could not have been otherwise when talking about the first democracy in history and the modern world’s most important one. It is well known, and the US President pointed out the fact, that America’s founding fathers had been inspired by ancient Athenian Democracy. It is also true that “the ties of family and the contributions of Greek Americans continue to strengthen our partnership at every turn” and this has important repercussions in many fields, including geopolitics. The fact that the leader of the Superpower has forged strong ties with the Greek American community and maintains personal friendships with many of its members, cannot be underestimated. But more critical, particularly in present day global power politics, is Joe Biden’s point that the alliance between Greece and the United States is today stronger than ever. This is not a rhetorical hyperbole. More importantly, it transcends ideologies, leaders, parties and governments, on both sides, allowing for efficient long-term planning. In these turbulent times, strategically located Greece makes for a valuable ally the US can rely on in a volatile region of crucial importance. Its merit in the geopolitical competition was proven during this last year with respect to the Russian invasion of Ukraine, with Greece playing a key role in the transfer of military and energy supplies, while providing valuable humanitarian assistance and welcoming refugees. |
| CHART OF THE WEEK |
 The prevailing diplomatic calm between Greece and Turkey is also reflected by the current operational situation in the Aegean, particularly as the two sides seem to have reached an unofficial understanding to reduce military exercises in the Aegean to a bare minimum. Athens and Ankara have agreed to postpone all major naval exercises, with the exception of those conducted by NATO and other multinational exercises, until after the electoral situation in both countries settles. This calm, that is expected to last throughout the summer, will be particularly beneficial for the Hellenic Navy, which has been particularly vigilant for almost three years. Finally, the calm can also be traced in the significantly reduced number of airspace violations by Turkish military aircraft, while the number of engagements and overflights has fallen to zero. |
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| ECONOMY IN A NUTSHELL |
| “The Athens Exchange (ATHEX) general index closed at 1,021.16 points, improving by 0.10% on a weekly basis despite shedding 3% from Thursday’s session. The bank index continues to suffer major losses.” |
| “Both DBRS Morningstar and Moody’s credit rating agencies stated that the Greek banking system is resilient despite the current international climate, as well as a potential bond portfolio shock, due to their high level of growing deposits.” |
| “Asking prices for apartments in Greece continue to increase, growing by 11.1% in 2022. Broken down by region for Greece’s two largest cities, prices increased by 15.2% in Athens and 14.5% in Thessaloniki. The center of Athens also exhibited high yields for property investments.” |
| WHAT'S ON THE AGENDA |
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Editor's Pick After the tragedy at Tempe, a bold step is required for the country to finally acquire meritocratic institutions and appoint the right executives to state-run organizationsNotis PapadopoulosRead the article |
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