From Under The Cherry Tree | Yes, Virginia, there is an Elected Greek Government (1)Yes, Virginia, there is an Elected Greek Government | From Under The Cherry Tree

If you’ve followed our previous posts on the uncertainty following the Greek elections, there is finally some good news.  After two elections and over 200 days without an elected government in place, Antonis Samaras was sworn in as the new prime minister last week.  While Samaras’s New Democracy still didn’t win a majority of the parliament seats on it’s own, he was able to broker a deal with third-place Pasok and the  Democratic Party of the Left to form a coalition government.  Syriza, the anti-EU/anti-bailout party that finished second in the election, declined to join the coalition and will instead form the opposition in the parliamentary sessions.

With a final resolution to the situation and a government now in place, the run on Greek banks that had occurred in the run up to the elections has reversed itself at least in small part, with 2 billion euros being returned to the banks over the past week.  These inflows will undoubtedly help the economy as they relieve the pressure that the massive withdrawals had put on the banking system, restricting liquidity and forcing Greek banks to turn to the Bank of Greece and the European Central Bank reserves.

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