Close to coalition government

According to the latest official results of national elections (99.88% of total) New Democracy (conservative party) won 29.66% of the votes (from 18.85% in the previous elections on May 6) and 129 seats (from 108) in the 300-seat legislature, SYRIZA (coalition of the radical left party) 26.89% (from 16.78%) and 71 seats (from 52), PASOK (socialistic party) 12.28% (from 13.18%) and 33 seats (from 41), Independent Greeks 7.51% (from 10.61%) and 20 seats (from 33), Golden Dawn (far right party) 6.92% (from 6.97%) and 18 seats (from 21), Democratic Left 6.26% (from 6.11%) and 17 seats (from 19) and KKE (communist party) 4.50% (from 8.48%) and 12 seats (from 26).

It is also noteworthy that the percentage of parties not exceeding the 3% threshold stood at 5.98%, substantially below the 19.02% recorded on May 6, while participation fell to a new historic low of 62.47% (from 65.10% on May 6).

 

Euroxx Research estimate that  a coalition government could be formed between the two pro-bailout parties New Democracy and PASOK – potentially supported by the Democratic Left (DL) party – which won 42% (48% incl. DL) of votes controlling a parliamentary majority of 162 (179 incl. DL) seats in the 300-seat legislature.

Eurogroup, White House and German FinMin statements on Greece

Following the announcement of provisional results of Greek elections, Eurogroup issued the following statement yesterday evening:

 

“The Eurogroup takes note of the provisional results of the Greek elections, which should allow for the formation of a government that will carry the support of the electorate to bring Greece back on a path of sustainable growth.

 

The Eurogroup acknowledges the considerable efforts already made by the Greek citizens and is convinced that continued fiscal and structural reforms are Greece’s best guarantee to overcome the current economic and social challenges and for a more prosperous future of Greece in the euro area. The Eurogroup reiterates its commitment to assist Greece in its adjustment effort in order to address the many challenges the economy is facing.

 

The Eurogroup therefore looks forward to the swift formation of a new Greek government that will take ownership of the adjustment programme to which Greece and the Eurogroup earlier this year committed themselves. The Eurogroup expects the Troika institutions to return to Athens as soon as a new government is in place to exchange views with the new government on the way forward and prepare the first review under the second adjustment programme”.

 

Jay Carney, US President press secretary stated that «We congratulate the Greek people on conducting their election in this difficult time and we hope this election will lead quickly to the formation of a new government that can make timely progress on the economic challenges facing the Greek people” adding that «As President Obama and other world leaders have said, we believe that it is in all our interests for Greece to remain in the euro area while respecting its commitment to reform.»

 

German FinMin Wolfgang Schaeuble noted that “The German Federal Government would consider such a result a decision by Greek voters to forge ahead with the implementation of far-reaching economic and fiscal reforms” adding that “the bailout program developed and agreed with Greece, has only one goal: to put the country back on the path of economic prosperity and stability. This path will be neither short nor easy but is necessary and will give the Greek people the prospect of a better future”.

Source: Euroxx Research

 

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