Pro-Bailout Party Wins Greek Election

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.)