Yannis Palaiologos

Yannis Palaiologos is a features reporter for the Kathimerini newspaper in Athens, Greece.

Recent Articles

Will Greece Drop the Mic?

The country's elections on Sunday amount to a referendum on austerity—and could lead to an exit from the euro.

(AP Photo/Petros Karadjias)
(AP Photo/Petros Karadjias) The head of Greece's radical left-wing Syriza party Alexis Tsipras waves to his supporters during a rally at Omonia square in Athens, Thursday, June 14, 2012. Greece faces crucial national elections on Sunday, that could ultimately determine whether the debt-saddled, recession bound country remains in the eurozone. “Not a step back: End the troika and the memorandum.” Thus read one of the placards hung up on a lamp post close to Omonoia Square in downtown Athens, where Syriza—the surging left-wing party led by Alexis Tsipras—held its major pre-election rally last night. The mood in the densely populated square was equally defiant. “It’s not Syriza’s policies that will lead us out of the euro. It’s the policies of the memorandum [signed between Greece and the International Monetary Fund]. They lead to exit with mathematical certainty,” says Panagiotis, a retired banker and self-described “troubled Greek,” referring to the demanding terms of Greece’s bailouts...

Will Round Two Knock Out Greece?

The ailing country prepares for another round of elections as talk of leaving the Eurozone escalates.

(AP Photo/Kostas Tsironis)
Consistent in its suicidal tendencies, the Greek political system failed this week to come to an agreement on forming a coalition government. The leaders of Greece’s political parties—as we know from the published minutes of the meetings with the President of the Republic—showed themselves, with one or two dignified exceptions, tragically unable to rise to the occasion. New elections have now been called. The outcome on June 17, or even the mounting uncertainty of the pre-election period itself, could spell the end of Greece’s membership of the euro. Two factors determined the inability to form a government after the May 6 election. The first was the sharp rebuke to the two (formerly) major parties, New Democracy and PASOK, who lost nearly 60 percent of their combined voting share and were thus, even in tandem, two seats short of an absolute majority in parliament. The second was the unwillingness of the parties of the non-communist Left—SYRIZA and the Democratic Left—to enter into a...

Greece Takes Revenge

Voters kicked out the leaders who presided over their fall into crippling debt.

(Rex Features via AP Images)
For two years, Greek voters could only express their mounting disaffection with the economic catastrophe that had befallen them by demonstrating, publicly rebuking members of the political class, even occasionally beating them. Yesterday, they finally got the chance to punish their politicians, in particular those of PASOK and Nea Demokratia—the two parties which had alternated in power for the past four decades—at the ballot box. They certainly got their revenge. But the cost of their choice may well be too heavy for them to bear. The two parties—which backed the government led by technocrat Lucas Papademos responsible for Greece’s second bailout agreement—were pummeled at the polls. In the last parliamentary election in October 2009, their combined share of the vote was 77 percent. On Sunday, they eked out 32 percent. Nea Demokratia topped voters’ preferences, but its share of the vote—18.9 percent—was barely more than half of its 2009 performance, its worse ever until yesterday...

Marchons, Marchons!

François Hollande's victory in France offered a stiff rebuke to Germany's austerity regime, but the new president faces challenges in delivering on his campaign's pro-growth rhetoric.

(AP Photo/Francois Mori)
(AP Photo/Francois Mori) French president-elect Francois Hollande reacts to supporters with his companion Valerie Trierweiler while celebrating his election victory in Bastille Square in Paris, France, Sunday, May 6, 2012. France handed the presidency Sunday to leftist Hollande, a champion of government stimulus programs who says the state should protect the downtrodden - a victory that could deal a death blow to the drive for austerity that has been the hallmark of Europe in recent years. In the end, it was closer than expected. In an election that could change the direction of European economic policy, François Hollande became the first socialist to win the French presidency in 24 years yesterday. Hollande took 51.7 percent of the vote in Sunday’s runoff election against incumbent Nicolas Sarkozy, who was sent packing after a single five-year term in the Élysée Palace with 48.3 percent of the vote. Speaking from the Bastille last night, Hollande gave a clear sense of how he sees his...

Voting Out Austerity in Europe

The elections in France and Greece this week may lead to a reexamination of how the euro zone approaches the debt crisis.

(Sipa via AP Images)
Could this week produce a turning point in Europe’s long, Sisyphean battle against the debt-and-banking crisis that has been ravaging it for the last two-and-a-half years? This coming Sunday, France will likely vote for Francois Hollande, a pro-Keynesian Socialist, as its new president. In Greece, on the same day, parliamentary elections will produce a hammer blow to the existing two-party system and will significantly increase the strength of the anti-Europeans on the far left and the extreme right. These elections will be held in the context of a continuously worsening economic picture in the continent, which has convinced almost everyone—with the crucial exception of the Germans—that the current recipe of one-size-fits-all austerity is leading to catastrophe and needs to be modified before it causes irreparable harm. The woes of Spain and the Netherlands, which have been the focus of concern in the last few days, illustrate the depth and breadth of the eurozone’s problems, and the...

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