Pyrrhic Win In Greece
The victory of Andreas Papandreou's left-wing PASOK party in Greece's general elections on Oct. 10 could spell more trouble for Europe's weakest economy. Papandreou intends to put on ice such ambitious privatization programs as the sell-off of state telecommunications company OCE and oil-refining interests. Such sales would have raised over $1 billion this year and more next year, allowing Greece to cut the EC's worst budget deficit. The PASOK victory also could put the brakes on foreign investment.