Greece: New Democracy to get an absolute majority - Danske Bank

Greece: New Democracy to get an absolute majority - Danske Bank

Greece: New Democracy to get an absolute majority - Danske Bank

Greece on Sunday held snap elections to choose a new government and parliament after current Prime Minister Alexis Tsipras requested the dissolution of parliament and snap polls following his left-wing Syriza party's poor performance in May's European elections.

Europe's finance ministers were meeting in Brussels yesterday to discuss Greece, which still has stringent fiscal targets to meet even though it no longer directly receives bailout loans.

Mitsotakis, 51, was elected on a pledge to cut bailout-era taxes and ease draconian budget targets set by Greece's creditors during the years of financial rescue commitments that could soon be put to the test by the country's creditors.

"The result has been determined. but we will be back", Tsipras said.

According to near-final results, New Democracy won 39.85 per cent of the vote, placing it for an outright majority in the legislature in Athens, given Greek election rules that confer on the victor of the largest share of votes an additional 50 seats in the 300-seat parliament.

Greece ended its third consecutive global bailout last summer - programs that rescued the country's euro membership and staved off bankruptcy but also deepened poverty and unemployment as successive governments in Athens were forced to make spending cuts in return for the rescue loans. The IMF's head at the time, Christine Lagarde, who is now set to become the new president of the European Central Bank, said that Greek nationals were avoiding their duty to pay taxes which had partly led to the country's debt crisis, and that the Greek government needed to take responsibility over the actions of its taxpayers in order to reduce the country's budget deficit and achieve a stable economy.

The new cabinet will be sworn in on Tuesday and meet the following day. Staikouras, 46, was New Democracy's coordinator of economic affairs and a lawmaker since 2007.

He has pledged to create jobs and get rid of obstacles to business. "I'm very proud that I took over a party that was at 28 percent in the last election and taken it to nearly 40 percent".

Billions of Trees are Needed to Counter Effects of Climate Change
And he said they weren't even counting urban or agricultural land in their assessment. "What blows my mind is the scale", he said. That means we could restore the 1tn trees for $300bn [£240bn], though obviously that means vast efficiency and effectiveness.

Last week he told AFP that he saw it as his mission "to make sure we restart the economy" with "ambitious growth driven by private investments, exports and innovation".

Tsipras, for his part, warned that Mitsotakis would do away with the social spending he brought in to help Greece's vulnerable groups. But perhaps most importantly, Greece's deep-rooted structural problems - which range from high levels of tax evasion to vested interests that resist economic reforms - will also continue to constrain Athens' room for action.

Mr Mitsotakis took charge of the New Democrats three years ago. Conservative party leader Kyriakos Mitsotakis' New Democracy party won 39.8% of the Sunday vote, giving him 158 seats in the 300-member parliament, a comfortable governing majority.

Syriza's parliamentary presence will shrink from 144 seats to 86.

Sunday's election was Greece's third in as many months.

New Democracy party leader Kiriakos Mitsotakis. A week later, it completed a near-sweep of Greek regions in local elections.

Entering parliament for the first time are Greek Solution, a nationalist party formed by TV salesman Kyriakos Velopoulos, and MeRA25, an anti-austerity party founded by maverick economist and former Greek finance minister Yanis Varoufakis.

People celebrate outside New Democracy conservative party's headquarters, after the general election in Athens, Greece, July 7, 2019.

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