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Earlier this week, Greece held its second set of legislative elections in two months. New Democracy, a center-right party that supports the bailout plan proposed by the eurozone and International Monetary Fund, will form a coalition government. Hence, the shattered Greek economy - and equally unstable European financial markets - will avoid a massive collapse.
Greek conservative party head Antonis Samaras was sworn in as prime minister Wednesday at the helm of a three-party coalition that will uphold the country's international bailout commitments.
A coalition government could be formed by mid-Wednesday in Greece, the head of the country's socialist party said Tuesday, easing the nation out of a political limbo as it struggles to deal with a financial crisis that is already affecting Europe's economy and markets around the world.
Greece's two pro-bailout parties appeared likely Monday to agree on forming a coalition government after a bruising election watched closely because of its potential impact on the world economy, but negotiations were pushed to a second day after the head of the socialist party insisted on a broad partnership.
The conservative party that backs keeping Greece in the eurozone won the country's national election 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.
Parties supporting Greece's financial-bailout package seized victory Sunday in parliamentary elections that had been widely seen as crucial to the country's — and the eurozone's — future, as well as the well-being of the global economy.
The head of Greece's Radical Left Coalition, whose strong gains in last month's elections deepened concerns over his country's future in the European single currency, vowed Friday to cancel Greece's international bailout agreement if he wins an upcoming repeat ballot.
The debt crisis that has ravaged Europe for the best part of three years has exposed a dislike of the single currency but little desire to abandon it, a wide-ranging survey of public opinion found Tuesday.
Greek stock markets rebounded strongly on Monday from a 22-year low on hopes a pro-bailout party will win crucial national elections next month, which would avoid a catastrophic rift with international creditors and keep the struggling country within the euro currency union.