So here I am at the LBC newsroom on Leicester Square in London.

The ‘story’ seems to be a number of complaints that in some places the polls closed before all voters there had voted. Hard to imagine that this happened on any scale that mattered.

Otherwise my task is to keep an eye on the international reaction to the UK election. Which – insofar as there is any reaction – appears to consist of parroting BBC and other MSM reporting, so the same ‘stories’ and analysis are sloshing around the planet in circles.

Obviously Labour has had a severe thrashing. But maybe not quite as severe as was needed (and deserved) to bring about a clear-cut outcome. The current strong but not decisive Conservative gains may look better when the results come in from key Conservative targets.

Or not.

Meanwhile, back in the real world check out Baseline Scenario on the Greece problem ("It’s Not About Greece Any More"):

The IMF floated in some fashion an alternative scenario with a debt restructuring, but this was rejected by both the European Union and the Greek authorities.  This is not a surprise – leading European policymakers are completely unprepared for broader problems that would follow a Greek “restructuring”, because markets would immediately mark down the debt (i.e., increase the yields) for Portugal, Spain, Ireland, and even Italy. 

The fear and panic in the face of this would be unparalleled in modern times: When the Greeks pay only 50% on the face value of their debt, what should expect from the Portuguese and Spanish?  It all becomes arbitrary, including which countries are dragged down. 

Someone has to decide who should be defended and at what cost, and the European structures are completely unsuited to this kind of tough decision-making under pressure. 

Thus the various constitutional permutations possible over a ‘hung Parliament’ here – if that is what we get – are likely to distract Westminster from playing an adult role in this ghastly wider (and deteriorating) situation.

Not what the world was hoping for?