Pro-bailout party wins in Greece

Greek people gave victory to the pro-bailout New Democracy party, Greece's center-right party, on Sunday in the country’s parliamentary elections, generally viewed as a final likelihood for Greece to remain in the euro zone. Though it was a narrow victory, but the party could attract adequate support to make a pro-bailout coalition government in an effort to keep Greece a eurozone member.

The victory was welcomed by several world leaders, who pressed the winner to come up with a cabinet as soon as possible. Besides, the winning party’s leader declared the victory as “a victory for all Europe.” It is pertinent to mention here that the election was largely viewed as a referendum on Greece’s survival in the eurozone.

The finance ministers of the eurozone member countries said in a declaration that the results of the election “should allow for the formation of a government that will carry the support of the electorate to bring Greece back on a path of sustainable growth,” according to the New York Times.

According to reports, the Syriza party, the party opposing bailout for Greece, came a close second in the election and their leader vowed to lead the opposition.

According to the vote statistics, out of more than 99% of votes casted, New Democracy took 29.7% (129 seats), Syriza secured 26.9% (71) and the socialist Pasok 12.3% (33).

Antonis Samaras, the New Democracy party’s leader, is now engaged in a fresh round of alliance consultations, 6 weeks following an earlier election that turned futile to shape a government.

"Today the Greek people expressed their will to stay anchored within the euro, remain an integral part of the eurozone, and honor the country's commitments and foster growth. This is a victory for all Europe," Samaras said, according to a CNN report. "I call on all parties that share those objectives to form a stable new government."

It should be noted that no rules exist that should determine a member country’s removal from the eurozone. Greece’s exit from Europe’s common currency zone could trigger a new wave of economic disorder across Europe, prompting investors to fly off investments in the United States and set off panic that may probably lead to the exit of several other debt-laden European countries from the Eurozone. That could lead to a domino situation- known as contagion- surrounding Europe and probably channeling the world into severe economic crisis.