Herman Van Rompuy and José Manuel Barroso see their shadow: six more weeks until next Greek election


Here's reaction from the UK: Greek election: Live. The have this graphic:

The most important news is that PASOK says it won't join a coalition unless Syriza is in it. New Democracy and PASOK could form a government, as they had before the previous election. The only other pro-bailout party, or at least not anti-bailout, is the Democratic Left, but they don't have enough seats to form a majority with ND.

Syriza considers the election a win since their percentage went up, but after the first election, ND and PASOK only had 147 seats, meaning Syriza had a shot at a grand coalition, if Golden Dawn was included. I believe they would have secured the votes for a coalition this time around had they proposed a grand coalition, but instead, ND and PASOK combine for 162 seats, meaning Syriza would need PASOK to join a coalition.

In sum, while anti-bailout parties gained ground in their electoral percentages, pro-bailout parties gained more ground and more importantly, they control more seats.

The euro is up on the news, but the rally won't last more than a few days, if it even lasts one day. The rally could extend if PASOK changes its mind and forms a coalition with New Democracy, but they seem to understand that such a coalition is unlikely to last long. If no coalition is formed, there will be new elections in August, setting the stage for six more weeks of the same.

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