A radical left-wing party that is demanding an end to Greece's painful austerity measures has won parliamentary elections, threatening renewed turmoil in global markets and throwing the country's continued membership in the eurozone into question.
But Syriza, which is led by 40-year-old Alexis Tsipras, was still waiting to find out whether it would have enough seats to govern alone, or be forced to seek support from another party, either in a coalition or as a minority government.
Greeks might have to wait until all the ballots are counted to find out whether they have a government.
Whatever the case, all eyes will be on the opening of world financial markets today after Syriza beat Prime Minister Antonis Samaras' incumbent conservatives.
"What's clear is we have a historic victory that sends a message that does not only concern the Greek people, but all European peoples," Syriza party spokesman Panos Skourletis said on Mega television yesterday.
The Interior Ministry said that its projections, based on early returns, show Syriza gaining 150 seats. But it added that the margin of error meant that the final number could be 149 to 151, and a final result could not emerge until all votes have been counted.
If the communist-rooted party fails to win at least 151 seats, it will have to find a coalition partner, or secure pledges of support that would allow it to form a minority government.
Tsipras has promised to renegotiate the country's 240 billion-euro (USD 270 billion) international bailout deal, and seek forgiveness for most of Greece's massive debt load. He has pledged to reverse many of the reforms that creditors demanded including cuts in pensions and the minimum wage, some privatizations and public sector firings in exchange for keeping Greece financially afloat since 2010.
Greece's creditors insist the country must abide by previous commitments to continue receiving support, and investors and markets alike have been spooked by the anti-bailout rhetoric. Greece could face bankruptcy if a solution is not found, although speculation of a "Grexit" Greece leaving the euro and a potential collapse of the currency has been far less fraught than during the last general election in 2012.
