Sunday, June 17, 2012

Whew! Greece's pro-bailout conservatives win election, allaying fears of pullout

The AP reports that the New Democracy party came in first in Greece's election today and immediately proposed forming a pro-euro coalition government — a development that eased, at least briefly, deep fears that the vote would unleash an economic tsunami.

Today's vote was seen as crucial for Europe and the world, since it could determine whether Greece was forced to leave the joint euro currency, a move that could have potentially catastrophic consequences for other ailing European nations and the global economy. As central banks stood ready to intervene in case of financial turmoil, Greece held its second national election in six weeks after an inconclusive ballot on May 6.

With 37.4 percent of the vote counted, official results showed the conservative New Democracy with 30.5 percent of the vote, ahead of the radical anti-bailout Syriza party's 26 percent and the pro-bailout Socialist PASOK with 12.9 percent.  Although official projections late today showed that no party will win enough seats in the 300-member parliament to form a government on its own, Greece's two traditional parties — New Democracy and PASOK — will have enough seats to form a coalition together.
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