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Greek conservatives win, head into coalition talks

Leader of the New Democracy conservative party Antonis Samaras leaves an elections kiosk after speaking to his supporters at Syntagma square in Athens, Sunday, June 17, 2012. The pro-bailout New Democracy party came in first Sunday in Greece's national election, and its leader has proposed forming a pro-euro coalition government. (AP Photo/Petros Karadjias)

Leader of the New Democracy conservative party Antonis Samaras leaves an elections kiosk after speaking to his supporters at Syntagma square in Athens, Sunday, June 17, 2012. The pro-bailout New Democracy party came in first Sunday in Greece's national election, and its leader has proposed forming a pro-euro coalition government. (AP Photo/Petros Karadjias)

Leader of the New Democracy conservative party Antonis Samaras surrounded by media, leaves an elections kiosk after speaking to his supporters at Syntagma square in Athens, late Sunday, June 17, 2012. The pro-bailout New Democracy party came in first Sunday in Greece's national election, and its leader has proposed forming a pro-euro coalition government. (AP Photo/Petros Karadjias)

Supporters of Greece's radical left-wing Syriza party hold their party flags in front of Athens university, as they wait for head of the party Alexis Tsipras to speak, in Athens, late Sunday, June 17, 2012. Alexis Tsipras and his party shot to prominence in the May 6 vote, where he came a surprise second and quadrupled his support since the 2009 election. Syriza party has vowed to rip up Greece's bailout agreements and repeal the austerity measures, which have included deep spending cuts on everything from health care to education and infrastructure, as well as tax hikes and reductions of salaries and pensions. (AP Photo/Petros Karadjias)

Head of Greece's radical left-wing Syriza party Alexis Tsipras speaks to his supporters in Athens, late Sunday, June 17, 2012. Alexis Tsipras and his party shot to prominence in the May 6 vote, where he came a surprise second and quadrupled his support since the 2009 election. Syriza party has vowed to rip up Greece's bailout agreements and repeal the austerity measures, which have included deep spending cuts on everything from health care to education and infrastructure, as well as tax hikes and reductions of salaries and pensions. (AP Photo/Petros Karadjias)

Head of Greece's radical left-wing Syriza party Alexis Tsipras casts his ballot at a voting center in Athens, Sunday, June 17, 2012. Greeks voted Sunday for the second time in six weeks in what was arguably their country's most critical election in 40 years, with the country's treasured place within the European Union's joint currency in the balance. (AP Photo/Petros Karadjias)

(AP) ? Fears of an imminent Greek exit from Europe's joint currency receded Sunday after the conservative New Democracy party came first in a critical election and pro-bailout parties won enough seats to form a joint government.

As central banks stood ready to intervene in case of financial turmoil, Greece held its second national election in six weeks after an inconclusive ballot on May 6 and the subsequent collapse of coalition talks.

With one party advocating ripping up Greece's multibillion-euro bailout deal, Sunday's election was seen as a vote on whether Greece should stay in the 17-nation group sharing the euro currency. A Greek exit would have had potentially catastrophic consequences for other ailing European nations, the United States and the entire global economy.

Asian stock markets climbed early Monday on the news.

Near complete results showed New Democracy coming first with 29.6 percent of the vote and 129 of the 300 seats in Parliament. The radical left anti-bailout Syriza party had 26.9 percent and 71 seats and the pro-bailout Socialist PASOK party came in third with 12.3 percent of the vote and 33 seats. The extremist far-right Golden Dawn party had steady support, getting 6.9 percent of the vote and 18 seats.

Sunday's results "will probably ease fears of an imminent Greek euro exit," said Martin Koehring of the Economist Intelligence Unit. "There will probably be a relief rally tomorrow in the financial markets. But the key question is how quickly can a government be formed?"

Stock analysts, however, warned that any bounce for financial markets could be short-lived.

"Treat knee-jerk market rallies with caution," Neil MacKinnon, a global macro strategist at VTB Capital, advised clients, saying there was still too many questions about Europe's debt crisis to celebrate the Greek vote.

The United States welcomed the result. "We hope this election will lead quickly to the formation of a new government that can make timely progress on the economic challenges facing the Greek people," the White House said in a statement.

Greece's parties have starkly different views about what to do about the ?240 billion ($300 billion) in bailout loans that Greece has been given by other European countries and the International Monetary Fund, and the harsh austerity measures that previous Greek governments had to accept in return for the loans.

With none winning an outright majority, the parties will have to seek coalition partners to form a viable government, needing a simple majority of at least 151 seats. New Democracy will get the first stab at brokering a partnership on Monday.

Negotiations could be tough. PASOK leader Evangelos Venizelos, who spent months negotiating bailouts as Greece's finance minister, has suggested dumping the usual procedure of each party seeking coalition partners. He said a government must be formed quickly and suggested a four-party coalition between New Democracy, Syriza, PASOK and the small Democratic Left, which was in sixth place with 6.3 percent of the vote and 17 seats.

"There is not one day to lose. There is no room for party games. If we want Greece to really remain in the euro and get out of the crisis to the benefit of every Greek family, it must have a government tomorrow," Venizelos said.

PASOK officials said Venizelos would insist on Syriza joining any future coalition, despite its anti-bailout stance ? although the move could simply be a negotiating tactic to convince the public that Syriza was unwilling to play a constructive role in pulling Greece out of its crisis.

But Syriza leader Alexis Tsipras, a 37-year-old former student activist, has ruled out such a possibility.

Tsipras phoned New Democracy leader Antonis Samaras Sunday night to congratulate him on his victory and vowed that his party would remain outside the government.

"We will be present in these developments from the position of the main opposition," he said in a speech to cheering party supporters in Athens.

Samaras cast Sunday's choice as one between keeping the euro and returning to Greece's old currency, the drachma. He has vowed to renegotiate some of the bailout's harsher terms but insists the top priority is for the country to remain in Europe's joint currency.

"The Greek people today voted for Greece to remain on its European path and in the eurozone," Samaras said.

Tsipras, who had tapped into a vein of deep anger over the plunging living standards faced by many Greeks, had wanted to rip up Greece's bailout deals and roll back many of the new taxes and job and pension cuts imposed in the last two years.

Germany's Finance Minister Wolfgang Schaeuble called New Democracy's victory a decision to "forge ahead" with implementing far-reaching reforms. Germany's foreign minister said it was important for Greece to stick to its agreements with creditors, but held out the prospect that Athens might be given more time to comply with them.

Germany ? Europe's biggest economy ? has been a major contributor to Greece's two multibillion-euro rescue packages and a key advocate of demanding tough, and highly unpopular, austerity and reform measures in exchange.

How much tolerance Greece's international lenders will show will be key to future developments, Koehring said.

"The New Democracy party has already said they want to renegotiate the bailout. The big question is how much cooperation can they expect from the EU and the IMF?" he asked. "We think they will probably be able to extend the terms."

Greece has been dependent on rescue loans to operate since May 2010, after it was locked out of international markets following years of profligate spending and falsifying financial data. The country is mired in a fifth year of recession, with unemployment spiraling above 22 percent and tens of thousands of businesses shutting down.

Greece had to agree to austerity measures to get the loans, including deep spending cuts on everything from health care to education and infrastructure, as well as tax hikes and cuts in salaries and pensions. Anger at the measures has sent Greeks into the streets in frequent strikes and protests, some of them violent.

The vote Sunday went smoothly except for one incident in which 10 men attacked a polling station in Athens with sledgehammers and wooden bats, wounding two policemen and setting fire to the ballot box.

Virtually unknown outside of Greece four months ago, Tsipras and his party shot to prominence in the May 6 vote, where he came in a surprise second. But his anti-bailout pledges horrified European leaders as well as many Greeks.

Experts said his proposals would lead to Greece getting tossed out of the eurozone and immediate, severe economic hardship at home for years.

It's still not clear that Greece can stay in the eurozone. Some prominent economists such as Nouriel Roubini of New York University's Stern School of Business believe that Greece must leave eventually to avoid a disaster for the rest of the eurozone.

___

Menelaos Hadjicostis and AP television in Athens, Paul Wiseman in Washington and Geir Moulson in Berlin contributed to this report.

Associated Press

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Liu Yang named as first Chinese astronaut in space

Liu Yang, a 33-year-old air force pilot, has been named by China as the astronaut set to become the Asian nation?s first woman in space when the Shenzhou-9 spacecraft blasts off on Saturday.

According to Chinese state news agency Xinhua, Liu will travel with two male astronauts, Jing Haipeng and Liu Wang, into orbit, where the Shenzhou-9 will dock with the Tiangong-1 space laboratory and the crew will carry out a number of experiments.

Launch time for China?s fourth manned space flight is set for 6.37pm local time (6.37am ET) on Saturday, from a space center in China?s northwestern Gansu province, CNN reported. If the manned docking is successful, China ? which aims to construct a permanent space base and send a manned mission to the moon ? will become the world?s third nation after the United States and Russia to complete such a procedure.

More from GlobalPost:?China names 2 women shortlisted for Shenzhou-9 space mission

A spokesman for China?s space program told Xinhua on Friday that Liu?s participation was expected to make the mission more efficient, as ?generally speaking female astronauts have better durability, psychological stability and ability to deal with loneliness.?

Liu was quoted by state broadcaster CCTV as saying that ?from day one I have been told I am no different from the male astronauts,? and that ?I believe in persevering. If you persevere, success lies ahead of you,? the BBC reported.?

More from GlobalPost: China to make manned space flight mid-June

http://www.globalpost.com/dispatch/news/regions/asia-pacific/china/120615/liu...

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Winslet, Branagh top British honours list

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Karma rewards WiMAX subscribers for sharing their 4G

Karma rewards WiMAX subscribers for sharing their 4G

Normally, we associate Karma with religion, or if we're honest, luxury hybrid sedans. A company by the same name would rather you make that connection with WiMAX Internet service. Much like a 4G version of FON, subscribers to the Clearwire-rooted network are required to share their Internet link-ups with the public as a WiFi hotspot. As the name suggests, though, sharing the connection ideally pays back dividends through free access: for every guest who signs in on Facebook to get 100MB of free data through the hotspot, another 100MB goes towards the hotspot owner. If all goes well, the Karma user creates a virtuous circle (pun entirely intended) and pays little if anything for Internet access; while the WiMAX hotspot costs $69, the $14 per gigabyte rate only kicks in if the credit runs out. Trial runs are starting in New York City and might only hit 500 hotspots by the end of 2012, but the hope is to upturn the wider industry and make sure there's never a shortage of public WiFi.

Karma rewards WiMAX subscribers for sharing their 4G originally appeared on Engadget on Thu, 14 Jun 2012 22:53:00 EDT. Please see our terms for use of feeds.

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