Greece's New Democracy seeks bailout coalition (Reuters)

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Greece's New Democracy seeks bailout coalition

By Karolina Tagaris and George Georgiopoulos
ATHENS | Mon Jun 18, 2012 6:04am EDT

ATHENS (Reuters) - Greece's centre-right New Democracy party will try to form a coalition on Monday to back the country's international bailout after a narrow election victory that eased fears of a sudden exit from the euro.

European stocks and the euro briefly opened higher after Sunday's vote, and the Athens streets were quiet after New Democracy leader Antonis Samaras pledged to move swiftly to form a government. He was due to meet Greek President Karolos Papoulias at 12.30 p.m. (0930 GMT).

The once-mighty Socialist PASOK party, now reduced to third place, indicated it would support former coalition partner Samaras but had not yet decided whether to join the government or just offer parliamentary backing.

In deep recession, crushed under its huge public debt and facing rising social tensions, Greece faces a daunting struggle to restore a near-bankrupt economy, and a new government could face a new wave of protests after taking office.

"The crisis has been postponed, not necessarily averted," said Theodore Couloumbis, political analyst and vice-president of Athens-based think-tank ELIAMEP.

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