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Greece bans election polls to reduce national panic

Further Demonstrations As Greek Government Debates Austerity Measures

The upcoming Greek election on Sunday holds huge implications for the country as well as the entire Eurozone as the fate of Greece’s membership rest in the balance. Much hysteria has ensued over the possibility of returning to the Drachma as well as the proposed austerity measures that would take place if Greece stays with the Euro. With so much resting upon the election results, Greece has banned the publication of opinion polls in an attempt to prevent a nationwide panic and run on the banks. So far it’s been unsuccessful. Rueters reports:

Bankers said up to 800 million euros ($1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods in case of shortages, as fears of returning to the drachma were fanned by rumors that a radical leftist leader may win the election.

The last published opinion polls showed the conservative New Democracy party, which backs the 130-billion-euro ($160 billion) bailout that is keeping Greece afloat, running neck-and-neck with the leftist SYRIZA party, which wants to cancel the rescue deal.

As the election approaches, publishing polls is now legally banned and in the ensuing information vacuum, party officials have been leaking contradictory “secret polls”.

On Tuesday, one rumor making the rounds was that SYRIZA was leading by a wide margin.

“This is nonsense,” one reputable Greek pollster said, on condition of anonymity. “Our polls show the picture has not changed much since the last polls were published. Parties may be leaking these numbers on purpose to boost their standing.”

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