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White Smoke on Election Day [InTime News]
Welcome to the weekly round-up of news by Kathimerini English Edition. After months of speculation and talk of looming, yet temporally unspecified, elections, Prime Minister Kyriakos Mitsotakis officially announced that Greece will hold national elections on May 21. Under the current system, the resulting parliament will be determined by a system of proportional representation, with most analysts forecasting that no party will have an overall majority and that prospects for a coalition government are slim. This would mean a second round of elections in early July, this time using a re-introduced system of reinforced majority for the leading party. Essentially, Greece is entering a three-month pre-election period that unofficially began in the summer of 2022. Greece’s political parties, already champing at the bit, have wasted no time in ramping up their activities and outlining their strategies, with candidates and leaders organizing events all over the country. Kathimerini’s Stavros Papantoniou notes that the government is looking to divide the pre-election period into two distinctive periods, one emphasizing its track record and one focusing on what it hopes to achieve if it is given a second term. Ruling New Democracy is set to make migration a key item on the agenda for both periods, with Mitsotakis travelling to the region of Evros this week to sign the extension of the existing wall across the land border with Turkey. Doubling down, Mitsotakis pledged that, if elected, his government would expand the wall across the entirety of the border. In fact, Mitsotakis had earlier stated that the wall would be built “with or without European money”, while also attacking the opposition for their current stance on migration (stating that “there are political forces in Greece today that are fighting this project”). The government has also attacked main opposition SYRIZA for its management of refugee and migrants flows when it was in power. On his part, SYRIZA leader Alexis Tsipras responded to the government stating that his party would erect a fence against injustice and impunity, confirming that his party will emphasize the rule of law in Greece in the aftermath of the wiretapping scandal. Kathimerini’s Antonis Antzoletos notes that SYRIZA will also focus on the economy, and the erosion of citizen’s purchasing power, as well as the rail collision at Tempe on February 28. These themes have been the focus of Tsipras’ speeches in Kalamata (a bastion of ND), Lamia, and neighborhoods in Athens. Spotlight
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OPINION
 [InTime News]A month after the tragedy at Tempe, anger over the shortcomings in the way the country is run – with most of the blame directed at the government, but not confined to it as the whole political system is being criticized – is slowly transforming into uncertainty on the political scene. With elections taking place in 50 days, the polls show the gap between the two main rivals, New Democracy and SYRIZA, narrowing, while third place PASOK is trying hard to establish itself in a kingmaker’s role. While the attention is understandably focused on the three major parties and their strategies, another equally important dimension that could determine the prospects of forming a government, is the appeal of the smaller ones. The more of them manage to enter parliament, the more difficult it becomes to get to a single party government, while even a coalition becomes a more delicate task. The situation is as follows. The Communist Party (KKE) will enter parliament possibly with a slightly higher percentage than in the previous election, around 6%. In a similar development, far right Greek Solution might also see its strength increased and reach up to 6% as well. Then, there are two additional parties appealing to the “anti-systemic” voters, whose potential entrance – until recently not expected – might prove critical. First, there is radical leftist Mera25, led by former finance minister Yanis Varoufakis. As a result of its recent alliance with a fringe party on the Left, while also attracting angry, mainly young, voters, it looks certain to pass the 3% threshold and enter parliament. Last, and for many reasons definitely not least, is the case of Greeks National party. Led by former Golden Dawn member Ilias Kasidiaris, it may yet be banned from participating. In an effort to avoid such a ban, there was a change in leadership last week. However, if the High Court allows its participation – a complicated balancing act between protecting the right to free expression and the distaste for its rhetoric and extremism of many of its leading members – it looks as if it will manage to get more than 4%. With seven parties in parliament, the equation for governance becomes even more difficult. |
| CHART OF THE WEEK |
 The new minimum wage of 780 euros, that was implemented on April 1, as well as the overall reduction of unemployment in Greece means that almost half of Greece’s private sector workforce will be paid a gross monthly salary of approximately 700-1000 euros (over 800 euros net). This expected wage bracket is expected to account for approximately 45% to 50%, up from just 28% in 2019. However, there is still a dearth of well-paid positions with just 1 in 4 private sector employees earning more than 1,500 euros a month after taxes. Specifically, they number approximately 380,000 employees while those earning 800 euros are set to exceed one million. |
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| ECONOMY IN A NUTSHELL |
| “The Athens Exchange (ATHEX) general index closed at 1,054.59 points on Friday, a 3.27% increase from last week. Overall, despite a 6.61% loss in March, the index grew by 13.42% in the first quarter of 2023.” |
| “The Public Debt Management Agency issued a five-year bond that was met with strong demand by investors, confirming that Greece continues to be seen as a safe investment despite the upcoming elections. The Greek state raised a total of 2.5 billion euros, while the interest rate for the bond stood at 3.93%.” |
| “Demand for luxury homes across Greece was recorded to have reached 10.4 billion euros in 2022, a significant increase from the previous year. Despite the optimism this creates for the upcoming year, the luxury housing market faces many of the same challenges it did in 2022 including increased interest rates and the prospect of geopolitical instability.” |
| WHAT'S ON THE AGENDA |
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Editor's Pick How much overtourism can a Cycladic island withstand and where is the balance between attracting tourists and preserving what brings them to the country?Tassoula KaraiskakiRead the article |
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