Financial Times
May 6, 2012
Greece was facing a “political earthquake” last night, analysts said, after early results in Sunday’s general election showed a surprise collapse of its two biggest parties.
“There is a whole generational shift happening in just one night,” said one political analyst who declined to be named because he was so shocked by the result.
The results plunged both the centre-right New Democracy and PanHellenic Socialist Movement (Pasok) into turmoil, as the two pro-European parties had counted on winning more than 40 per cent of the vote and resuming their previous partnership in a stable coalition government.
With about 40 per cent of the votes counted, the two parties were together set to win 155-160 seats in the 300-member parliament – too fragile a majority to ensure Greece’s second €174bn bailout programme can be implemented.
The IMF has already warned that it would be unwilling to release its first quarterly aid payment due this summer if the government does not implement scores of new reforms pledged when the bail-out was agreed in February.
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