Sunday, June 17, 2012
Pro bailout party New Democracy comes in first in Greek elections
The pro-bailout New Democracy party leads in the polls with about half the votes counted with just over 30 per cent. The leftist anti-bailout Syriza party is second with just over 26 per cent. The PASOK (socialist) party trails with under 13 per cent.
New Democracy will be faced with a tough task to form a coalition. The logical choice would be PASOK with which a coalition was formed before. However, PASOK has insisted it will only join a coalition if Syriza is included. There is little likelihood that Syriza would join a coalition since its position is so much different than that of New Democracy.
It may take several days for New Democracy to put together a coalition assuming it can.
Antonis Samaras, leader of New Democracy said:: "The Greek people have voted today for the European direction of the country and for us to remain in the euro, and it voted for those policies which will bring jobs... " For more see this article. While investors will be glad that Syriza did not win there still will be uncertainty until at least a new government is formed and the bailout deal approved.