Greece’s Mitsotakis Confirms New Election to Be Held on June 25
(Bloomberg) -- Greece will hold new elections in a month after this weekend’s ballot failed to produce a government.
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“A caretaker prime minister will take office on Thursday who’ll govern the country until the election on June 25,” outgoing Premier Kyriakos Mitsotakis told Greece’s Alpha TV in an interview Wednesday.
While Mitsotakis secured a landslide victory on Sunday, he fell slightly short of an absolute majority in parliament owing to the introduction of a full proportional representation system. June’s vote will take place under different rules, giving as many as 50 bonus seats in the 300-member parliament to the winner — making it easier to have a single-party administration.
Mitsotakis is a strong advocate of one-party governments and despite having the option to try to form a coalition, he preferred a new election. The leaders of the second- and third-placed parties also opted not to attempt to form an alliance.
READ MORE: Greek Premier Mitsotakis Set for New Term, Boosting Markets
Given the strong performance of his center-right New Democracy party, investors cheered the prospect of another Mitsotakis government, which is seen as business friendly and reform-minded. Moody’s described the result as credit positive, while Greek stocks and bonds outperformed.
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