Greek PM Mitsotakis declines coalition, paving the way for second election in June

This sets the stage for a second vote in June, with hopes that his conservative party will secure a clear victory.

In a remarkable turn of events, Mitsotakis's New Democracy party received 40.8% of the vote, while the leftist Syriza party secured 20.1%. This outcome greatly bolsters Mitsotakis, who has faced challenges such as a wiretapping scandal, the COVID pandemic, a cost of living crisis, and a tragic rail crash that sparked public outrage.

However, despite the success, New Democracy fell short of the necessary seats to form a government independently, prompting discussions of potential coalitions among the three largest parties.

Despite this, the markets responded positively, anticipating a New Democracy triumph in the upcoming second vote.

The second vote will be conducted under a semi-proportional representation system, featuring a sliding scale seat bonus, which increases the likelihood of Mitsotakis's party achieving an outright victory. All parties are eligible to participate once again. (ILKHA)