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Conservative Prime Minister Kyriakos Mitsotakis and left-wing Alexis Tsipras face off in the first election following the end of international economic supervision after the crisis.

Greeks cast their votes in the first election since their country’s economy was no longer under strict international supervision following a lengthy financial crisis.

Conservative Prime Minister Kyriakos Mitsotakis, a Harvard-educated former banking executive aged 55, faces off against 48-year-old Alexis Tsipras, leader of the left-wing Syriza party and former prime minister during tumultuous years of the crisis.

The increasing cost of living was a primary concern for many voters as they made their way to polling stations located in schools throughout the country.

Dimitris Hondrogiannis, a 54-year-old resident of Athens, expressed his concerns about the deteriorating situation, stating, “Every year, instead of improving, things are getting worse. Things are expensive, and every day, they seem to be spiraling out of control. It has become frightening to go grocery shopping. Let’s wait and see how things unfold.”

Hondrogiannis expressed his desire for a stable government that could effectively address the issue of rising prices for essential goods, stating, “People are struggling to make ends meet.”

Despite Kyriakos Mitsotakis maintaining a consistent lead in opinion polls, the recently implemented proportional representation electoral system makes it unlikely for the election winner, whether Mitsotakis or Tsipras, to secure a sufficient number of seats in Greece’s 300-member parliament to form a government without seeking coalition partners.

The winner of Sunday’s election will have a three-day window to engage in coalition negotiations with other parties. If these negotiations fail, the mandate to form a government will be passed on to the second party, and the process will be repeated. However, due to significant divisions between the main parties and the four smaller ones expected to enter parliament, forming a coalition will be challenging. As a result, a second election is likely, potentially scheduled for July 2.

In the event of a second election, a new electoral law will be in effect, making it easier for the winning party to form a government. This is achieved by granting a bonus of up to 50 seats in parliament, determined on a sliding scale based on the percentage of votes received.

A total of 32 parties are competing in the election, although only six have a realistic chance of surpassing the three percent threshold required to secure parliamentary seats, according to opinion polls.

The center-left Pasok party, once dominant in Greece, is expected to play a significant role in coalition negotiations. Having been overtaken by Syriza during the financial crisis from 2009 to 2018, Pasok has been polling at approximately 10%. However, its leader, Nikos Androulakis, 44, was involved in a wiretapping scandal where his phone was targeted for surveillance.

Forming a coalition with the conservative party led by Mitsotakis is unlikely due to Androulakis’s strained relationship with him, accusing him of concealing the wiretapping scandal. Androulakis also has a poor relationship with Tsipras, accusing him of attempting to attract Pasok voters.

The far-right Greeks Party, led by a former lawmaker with a history of neo-Nazi activity who is currently imprisoned, has been prohibited from participating in the election by the Supreme Court. Another party, Golden Dawn, which became Greece’s third largest party during the financial crisis, has been classified as a criminal organization.

Prior to the election, Mitsotakis held a substantial lead in opinion polls, but his advantage diminished after a tragic rail accident on February 28. The incident resulted in the death of 57 individuals when an intercity passenger train was mistakenly directed onto the same track as an incoming freight train. It was later revealed that the train stations were inadequately staffed, and the safety infrastructure was outdated and in disrepair.

Furthermore, the government faced a surveillance scandal involving the discovery of spyware on the phones of journalists and prominent Greek politicians, including Androulakis. These revelations further undermined trust among political parties in the country, occurring at a time when consensus might be crucially needed.

Tsipras has placed significant emphasis on the rail disaster and the wiretapping scandal as focal points of his campaign.

During his tenure since 2019, Mitsotakis has achieved unexpectedly high economic growth, a substantial decrease in unemployment rates, and has positioned the country on the verge of regaining investment grade on the global bond market for the first time since losing access in 2010 during the onset of the financial crisis.

Greece managed to repay its debts to the International Monetary Fund ahead of schedule. Over the course of 2010 to 2018, European governments and the IMF provided emergency loans totaling 280 billion euros ($300 billion) to prevent Greece from bankruptcy. In exchange, Greece had to implement stringent cost-cutting measures and reforms, resulting in a 25% contraction of the economy.

The severe recession and years of borrowing in emergency situations left Greece with a substantial national debt, which stood at 400 billion euros as of December of last year. This debt burden significantly impacted household incomes, which are expected to require another decade to recover fully.

Evangellos Tassis, a retired Bank of Greece employee aged 78, mentioned that he is currently able to manage his expenses with his pension. He acknowledged the challenges faced by younger generations, stating, “We’re from an older generation, and we were somewhat fortunate. You young people have it tough now.”

Tassis expressed his hope that the election would bring about “better days,” adding that there wasn’t much more to say on the matter.

The other three parties with realistic chances of securing parliamentary seats are the Communist Party of Greece (KKE), led by Dimitris Koutsoumbas; the left-wing European Realistic Disobedience front (MeRA25), led by Tsipras’s former finance minister; and the right-wing Elliniki Lysi, or Greek Solution, led by Kyriakos Velopoulos.

KKE, a longstanding presence in Greek politics, has maintained a consistent core of support around 4.5%-5.5% over the past decade. Varoufakis’ party, MeRA25, has been polling slightly above the 3% threshold required for parliamentary representation. Velopoulos’ party, which secured 10 seats in 2019, appears poised to enter parliament once again.

Source: Times of Israel