Posted by John Rosenthal

The results of Sunday’s legislative elections in Greece have been widely hailed as a vote “for the euro,” with news services painting the elections as a virtual “referendum” on eurozone membership. “For the euro” in the present context means, more precisely, for the austerity measures that the European powers-that-be have made clear are the condition both for European bailout funds and for continued Greek euro membership. If the elections indeed represented a “referendum” on the euro, however, upon closer examination of the results, it is by no means obvious that the euro won.

See my new post on the website of World Affairs here.