Posted on May 6, 2012 by Trading Point Investment Research Desk at 8:13 pm GMT
Greece went to the polls this Sunday for parliamentary elections. As of 11pm local time (20:00 GMT) partial results of the vote had been tallied, showing so far that no single party has gained enough votes to lead the government alone and would have to form a collation government.
So far with 11 percent of the vote counted, centre-right New Democracy is in the lead with 22 percent, Centre-left Pasok is in second place and Syriza, a left-wing coalition, is in third place with 15 percent.
The exit polls showed the two parties supporting an EU/IMF bailout that was agreed upon recently to prevent Greece going bankrupt, were expected to lose support to anti-austerity parties.
Greek voters have shown their disapproval of harsh austerity measures imposed by the government in return for international bailouts, putting the country’s future in the euro zone at risk.
The fragmented voting could result in of instability and uncertainty and possibility another elections. This would plunge Greece into new political turmoil, reigniting a euro zone debt crisis that first began in 2009.
Meanwhile, on Sunday night in France, Socialist Francois Hollande defeated Nicholas Sarkozy to become the new French President.
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