Exit From Euro Unlikely After Greek Election

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Pro-bailout parties in Greece have taken a little over 40 percent of the vote in the election on Sunday, calming global fears of a Euro exit, if they can form a government. 

The New Democracy party took 29.5 percent of the vote on Sunday, while the PASOK socialists took 12.3 percent according to numbers released by Greece's interior ministry. The Radical Left Coalition (SYRIZA) took in 27.1 percent of the vote. Because the winning party gets a 50-seat bonus, if New Democracy and the PASOK party can strike a deal they'll be able to form a majority government. "I am relieved," New Democracy leader Antonis Samaras told Reuters. "I am relieved for Greece and Europe. As soon as possible we will form a government." New Democracy and PASOK will spend the next week hashing out a deal to form a ruling coalition government, something New Democracy couldn't do in May

Should they succeed in forming a coalition government, fears of a Euro exit and the nightmares that might follow should finally die down. The Wall Street Journal thinks the New Democracy win "could set off a relief rally on global financial markets Monday," even though Greece could go back to the polls if they fail to reach a deal. 

New Democracy supports the bailout packages offered by other Eurozone countries, and don't plan on separating from the Euro. "The Greek people voted today to stay on the European course and remain in the euro zone... there will be no more adventures, Greece's place in Europe will not be put in doubt," Samaras said in his victory speech. 

This article is from the archive of our partner The Wire.