Greece's center right New Democracy party has declared victory after Sunday's parliamentary elections.
AFP reports that preliminary results showed the pro-bailout party winning nearly 30 percent of the vote, which would translate into 128 seats in the 300-seat parliament. The Greek electoral system gives the winning party a 50-seat boost. The estimates are based on votes counted at about 80 percent of polling stations.
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Coalition talks are expected to start later today, according to the ABC, with the most likely ally being the socialist Pasok party, which seems to have won 33 seats.
"I am relieved for Greece and Europe. As soon as possible we will form a government," the New Democracy leader Antonis Samaras is quoted as saying by Reuters. "The Greek people voted today to stay on the European course and remain in the euro zone ... there will be no more adventures, Greece's place in Europe will not be put in doubt," he said.
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Forbes says the result will ease fears about the future of Europe’s single currency, explaining that the radical Syriza party "spooked" world leaders by saying it would tear up Greece’s bailout agreements.
The US government has already reacted to the news, with a statement from the White House says it hopes a new government "that can make timely progress on the economic challenges facing the Greek people" will be formed quickly, quotes the BBC. "We believe that it is in all our interests for Greece to remain in the euro area while respecting its commitment to reform," said the statement.