It appears that the Kingmakers caught a wave today/Sunday 17 June 2012; we will see how long they can ride it. Out of the 300 Greek parliamentary seats in question, PASOK (center left - pro EU) appears to have clinched 33, while New Democracy (center right - pro EU) has claimed ~129 and Syriza (radical left - anti EU) ~71. In France, where an arguably just as important parliamentary election took place, Monsieur Hollande has firmly taken the mantle for the pro-growth southern European faction of the GIIPS countries and earned France further maneuver room. He has done so by securing a French parliamentary majority, consisting of ~300 out of 577 seats, which provides him (Socialists - center left) breathing space from the demands of the Left Front (left - Jean Luc Melenchon - ~10 seats), the Greens (left), the UMP (right -~ 304 seats), and the National Front (hard right - granddaughter Marion Marechal Le Pen - 2 seats). The largest Kingmaker of them all, Mr. Market, is starting to wake, with the EUR-USD initially rising to 1.2748 while the Euro bond markets have yet to open.

Will the past example of Jacques Delors, a member of the Madrid Club, inspire the drafting of a work-plan at the G-20 meeting and perhaps an unveiling at the upcoming European Council meeting in the interests of democracy, openness, and transparency? The calculus at a tactical level may not yet be entirely politically beneficial, but there are arguably some economic benefits to be gained...