See More

Greek pro-austerity parties fall short

May 07 2012 09:24 AFP

Related Articles

Shares, oil slump after EU elections

Greek parliament approves bailout

Spain pressed to cut deficit, Greece gets aid

Eurozone to sign off Greek cash, grill Spain

Threat of Greek default fades

Painful austerity bites into Greek budget


Athens - Greece's two pro-austerity parties missed an absolute majority in parliamentary elections, data based on 99% of votes showed Monday, throwing the eurozone country into political uncertainty.

The socialist Pasok party and the conservatives of New Democracy (ND) scored just 32.1% between them, down from 77.4% in the 2009 vote, giving them 149 MPs in the 300-seat parliament, the interior ministry figures showed.

Five other parties opposed to the terms of the country's two international bailouts have won the other seats, including the leftist Syriza with 52 seats, the right-wing Independent Greeks with 33 and the communist KKE with 26.

Neo-Nazi party Golden Dawn was set to enter parliament for the first time since the end of the military junta in 1974, gaining 21 seats, while the Democratic Left garnered 19.

The outcome throws the eurozone country into political turmoil since poll winner Antonis Samaras of New Democracy, once he is formally tasked with doing so by the president, will find it hard to form a government.

As a repeat of the outgoing coalition between Pasok and New Democracy led by technocrat Prime Minister Lucas Papademos will not have a majority in seats, a possibility now will be fresh elections.

Greece has secured two bailouts of €240bn in return for promises of deep austerity cuts that have already seen pensions and salaries slashed by up to 40%.

Athens has already committed to finding in June another €11.5bn in savings in the next two years. The country is in its fifth year of recession and unemployment is at 40%.

greece  |  europe debt crisis


Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...