In yesterday’s Greek elections, the Neo-Nazi party known as the Golden Dawn captured 6.04 percent of the votes, thereby securing 17 seats for itself in Greece’s 300-member parliament. The elections seal the party as the third-largest voice in the government.
In 2012, the Golden Dawn won 6.92 percent of the votes in the national elections by preaching harsh anti-immigration policies in Greece. Since that time, the group, which has dubbed Hitler as “an admirable figure,” and which utilizes the Nazi Swastika as its party symbol, went on to win 9.39 percent of the votes in the June 2013 European Parliament elections.
Political analysts are speculating that yesterday’s election proves that the group is a building a solid base for itself in the Greek electorate. Despite most of its leaders being in jail during the actual elections, under charges of violent assaults on immigrants, the group has won political favor by offering social services to the poor. Financial analysts say that the Golden Dawn has provided an alternative to the political leadership which has led Greece to acquiring a debt of €40 billion to France and €60 billion to Germany, thereby stinting the Greek economy.
In an open letter to The Guardian, George Soros, one of the world’s leading hedge fund managers, and a survivor of the Holocaust, says Greece’s economic barrier is similar to the one experienced by Germany prior to World War II, which planted the seeds for Hitler’s fascist party’s rise to power. Soros has called on Germany, as the leader of the Eurozone to bail out Greece.
“Greece, too, is a victim of its creditors’ misconceptions and taboos,” writes Soros. “Everyone knows that it can never pay back its debt, most of which is held by the official sector: the ECB, eurozone member states, or the International Monetary Fund.”
With the Euro falling dramatically against the US Dollar in the past twelve months, analysts are saying that the lack of unity amongst the members of the Eurozone has contributed to the lack of unified effort for the Euro’s recovery. Soros has also said previously that the Bundesbank, Germany’s central bank, has repeatedly failed to join forces with Draghi’s ECB monetary stimulus efforts.
EUR/USD: 1-Year Chart.
