AP reported that the New Democracy party came in first in Greece’s election on Sunday and immediately proposed forming a pro euro coalition government, a development that eased, at least briefly, deep fears that the vote would unleash an economic tsunami.

With 37.4% of the vote counted, official results showed the conservative New Democracy with 30.5% of the vote, ahead of the radical anti bailout Syriza party’s 26% and the pro bailout Socialist PASOK with 12.9%. Although official projections late Sunday showed that no party will win enough seats in the 300 member parliament to form a government on its own, Greece’s two traditional parties New Democracy and PASOK will have enough seats to form a coalition together.

Sunday’s vote was seen as crucial for Europe and the world, since it could determine whether Greece was forced to leave the joint euro currency, a move that could have potentially catastrophic consequences for other ailing European nations and the global economy.

Source - AP

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