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CNN, DIE ZEIT, BLOOMBERG

LONDON - World leaders have enthusiastically welcomed the narrow election victory of Greece's pro-bailout New Democracy and Pasok parties --world markets, not so much.

The center-right New Democracy and center-left Pasok parties won a combined 162 seats in Greece's parliamentary elections, enough to form a majority in the 300-member parliament, easing concern that Greece would reject austerity measures needed to qualify for aid and remain a part of the European single-currency union.

New Democracy and Pasok claimed "a victory for all Europe" after coming out ahead in Sunday's elections, a vote seen as a referendum on the survival of the euro, CNN reports.

German Finance Minister Wolfgang Schäuble hailed the results, adding that "the way to stability and prosperity is neither short, nor easy --but it's the only way," Germany's Die Zeit reports.

But according to BBC News, after an initial boost in both Asian and European markets to the Greek results, gains were quickly moderated as investors remain cautions about the situation, waiting for a viable coalition to be formed. The Wall Street Journal reports that Spain's 10-year government bond yield soared above 7%.

"Any relief following the Greek election results should be brief,"" Ciaran O'Hagan, head of interest-rate strategy at Société Générale SA in Paris, told Bloomberg. "At best, we are facing a muddle-through scenario in Greece."

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Ideas

Chile's "Silent Majority" Reminds Us About The Overreach Of Identity Politics

An overwhelming majority of Chileans quietly but very clearly voted to reject a draft constitution, which it feared would lock the country into a radical socialist mould.

Chileans protest against the proposed Constitution in Santiago.

José María del Pino

-Analysis-

In Chile, the Left has fallen victim to its love of identity politics. Dizzied by the country's social upheavals and calls for change since 2019, it forgot that at the end of the day, Chile is the home of moderation.

The rejection Sunday by most voters of a proposed, new constitutional text comes in spite of the fact that 80% of Chileans still want to overhaul the constitution bequeathed by the country's conservative, military regime of the 1970s.

The vast majority of Chileans have in recent years come to a shared conclusion, that Chile's socio-economic advances and undoubted prosperity must be democratized and fairly shared out among its territories and socio-economic classes.

For the Chilean Left, led by the young President Gabriel Boric, this was the biggest window of opportunity in its history. It had never had such a clear mandate for creating a transformative project based on a new constitution, and this in addition to the symbolic weight of putting an end to the constitution of the late dictator, Augusto Pinochet.


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Writing contest - My pandemic story
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