The conservative New Democracy Party in Greece finally stamped their victory in the parliamentary elections recently. The New Democratic Party registered a narrow win over leftist Syriza party, but no party in Greece parliamentary elections was able to set out-right single party dominance.

In one the most monitored and highly secure elections in the Euro Zone in recent history, Greece Finally pounded all doubts hanging over its future in the Euro Zone. Any imminent fears of a Euro-break up and Greece exiting from the union have receded to very shallow levels.

Greece, a country at the cross-roads of economic death and political mess, found an alternative that renewed hopes over resolving the debt trap that has became an eyesore for Greece over the last few years.

The Greek Parliamentary was seen as one of most crucial elections in Europe because it was voting on whether Greece should stay in the 17-nation joint Euro currency or exit from the union.

The political landscape of Greece is composed of 7 parties with different philosophies in regards to finding a reasonable solution to the debt crisis. In accordance with this agenda, parties can be categorized into the pro-bailout parties and the anti-austerity parties.

The New Democracy party and the Socialist (Pasok) party are the two pro-bailout parties screaming for bailout as a vehicle for driving out of the fiscal woods, and on the other hand we have the Anti-bailout parties, such as Syriza, Independent Greeks, Democratic Left, Communist and Golden Dawn, who all have an anti-bailout sentiment for their main agenda.

It was a gruesome battle between the pro-bailout and anti-bailout parties all pushing the envelope in the political battle field, though only two parties were able to capture the majority of votes.

The New Democracy Party won 129 seats out of 300, securing just 29.7% of the total votes, and Syriza won 71 out of 300 seats with 26.9 percent of the votes in the election, opening the door for a coalition to form within the government between the two parties.

New Democracy leader Antonis Samaras said, “The Greek people today voted for Greece to remain on its European path and in the Euro zone,” even though the Syriza party, which came second, refused to form any coalition with the New Democracy.

However, New Democracy MP Notis Mitarachis told Sky news that “he is optimistic about the chances of his party forming a coalition.” Pasok leader, Evangelos Venizelos, called for the quick formation of a new coalition government, but it wasn’t clear whether he decided to join before or after meeting with conservatives.

Nevertheless, the outcome of the election came as a great healing to some EU leaders, and the world at large, because to some extent it assuaged fears of Greece exiting from the Euro-zone.

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About the author

Muhammed Faraaz
Post-graduate in Economics from India, unfolding complexities and policies. Proponent of Classical Economics.