Pro-Bailout Party Wins Greek Election

New Democracy leader Antonis Samaras: Greeks chose 'European path'
By Newser Editors and Wire Services
Posted Jun 17, 2012 11:28 AM CDT
Updated Jun 17, 2012 3:02 PM CDT
Exit Polls: Greek Vote in Dead Heat
An EU and a Greek flag fly in front of ancient Parthenon temple, in Athens, Sunday, June 17, 2012 as Greeks vote in the most crucial elections in decades.   (Petros Giannakouris)

Fears of an imminent Greek exit from Europe's joint currency receded today after the conservative New Democracy came first in critical elections and pro-bailout parties won enough Parliamentary seats to form a joint government. As central banks stood ready to intervene in case of financial turmoil, Greece held its second national election in 6 weeks after an inconclusive ballot on May 6. With one party advocating ripping up Greece's multi-billion euro bailout deal, the election was seen as a vote on whether Greece should stay in the 17-nation joint euro currency.

A Greek exit would have had potentially catastrophic consequences for other ailing European nations, the United States and the entire global economy. With 82.5% of the vote counted, official results showed the conservative New Democracy winning 30% and 130 of the 300 seats in Parliament. The radical anti-bailout Syriza party had 26.6% and 71 seats, and the pro-bailout Socialist PASOK party came in third with 12.5% of the vote and 33 seats. (More Greek debt crisis stories.)

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