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How Greece's Election Could Impact Its Economy

May 17, 2023 | 17:52 GMT

Alexis Tsipras (left), who leads the left-wing Syriza party, and Greek Prime Minister Kyriakos Mitsotakis (right), who leads the right-wing New Democracy party, look in opposite directions during a televised debate in Athens on May 10, 2023.

Alexis Tsipras (left), who leads the left-wing Syriza party, and Greek Prime Minister Kyriakos Mitsotakis (right), who leads the right-wing New Democracy party, look in opposite directions during a televised debate in Athens on May 10, 2023.

(ARIS MESSINIS/AFP via Getty Images)

While Greece's upcoming general election could result in a hung parliament and a second election later in the year, this is unlikely to significantly increase economic risks in the country because the main contenders propose some degree of policy continuity. Greece will hold a general election on May 21. According to opinion polls, Prime Minister Kyriakos Mitsotakis' center-right New Democracy party will win the election with 35-36% of the vote, followed by former Prime Minister Alexis Tsipras' left-wing Syriza party with 29-30% and the center-left Panhellenic Socialist Movement (PASOK) with 9-10%. Polls suggest that no party will be able to govern alone, which means that a coalition of two or more parties will be needed to form a government. However, New Democracy and Syriza are unlikely to form a government together due to their decades-long rivalry, while PASOK may not win enough seats in parliament to be the kingmaker. This...

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