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The Greek stock market shoots up more than 7% after the new triumph of the conservatives

Date: March 1, 2024 Time: 22:38:52

Euphoria in the Greek stock market. The Athex General Composite, the reference index for the Hellenic parquet, rises more than 7% after the half session, to 1,212 points after the overwhelming victory of the conservative party in the country. New Democracy (ND) won the legislative elections held this Sunday with 41% of the votes, compared to 20% for the opposition and leftist Syriza of former Prime Minister Alexis Tsipras. Despite this, the distribution of seats is not enough for an absolute majority, which could lead the country to a repetition of the elections.

The current support obtained by ND gives it some 146 seats, very close to the 151 that would allow it to govern alone within a proportional system to distribute the 300 seats in Parliament. Thus, many already take the holding of new elections for granted, despite the fact that the president of Greece, Katerina Sakelaropúlu, has commissioned the prime minister, Kyriakos Mitsotakis, to form a new government after the clear victory of his party, New Democracy (ND), in the legislative elections on Sunday. However, the Hellenic media predict that the conservative politician will refuse to try to negotiate with other formations and will return the order today.

The key is that the Greek electoral system grants a ‘prize’ of 50 seats to the party with the most votes in the event of having to resort to another use of the ballot box, so that ND would not need to seek an alliance with other formations. According to the law, Sakelaropulu should then hand over the mandate to Tsipras, as he is the leader of the second most voted party, and if he does not achieve his goal either, the task would be transferred to Nikos Andrulakis, head of the socialists, the third political force that emerged yesterday of the polls. Mitsotakis had already made clear last night his intention to do everything possible to achieve an absolute majority in a second election.

“The result has shown that ND has the approval of the citizens to govern alone,” he said. He also advocated “accelerating” the procedure for the country to renew Parliament and Government. Thus, everything indicates that Greece is heading towards new elections, since the three left-wing opposition parties would not gather together the necessary seats to win an absolute majority. The Pasok-Kinal Social Democrats gained 11.5%, the Communist Party of Greece 7.3% and the far-right Greek Solution 4.5%.

According to the Hellenic Constitution, the first three parties have a maximum period of up to 3 days to form a government. If they fail, the president can make one last attempt by summoning the leaders of all political parties or immediately order the dissolution of Parliament, call new elections and name an interim Executive that will lead the country to the new elections. The Greek media speculate that the new legislatures could be called by the end of June or the beginning of July, as they hope that Tsipras and the Social Democratic leader, Nikos Andrulakis, will also quickly return their respective mandates to form a government.

The economy and unemployment, which is around 12%, continues to be a matter of the first order among the concerns of ordinary Greeks. 2.4% in the 2023 forecasts that it has published this week and in which a level of indebtedness close to 160% of GDP is anticipated. Bonds have also responded favorably with the yield on Greek 10-year debt falling by more than 6.5% to 3.8%, its lowest level since last December.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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