Greek (Hellenic) June 2023 Parliamentary elections results and analysis

The Greek Parliamentary elections on June 25, 2023 were held in Greece without the presence of any negative incidents.

With 98.2% of polling stations counted, less than 5.2 million citizens finally voted, 17% less than the 6 million citizens who voted in the May 21, 2023 election.

New Democracy (ND, the Conservative party) comfortably won the elections taking 40.6% and 158 MPs, losing 0.2% from the May elections.

Logically, ND will rule with a number of deputies that allows for tolerable governance. They dont, however, have 180 MPs that could give the unconditional ability to sign international treaties or to make changes to constitutional arrangements without other party consensuses.

SYRIZA (The biggest left wing party) took just 17.8% and gets only 48 seats in Parliament, losing 2% from the previous elections, and getting 23 seats less, mainly due to the system of enhanced proportionality of these elections. The party won again in Rhodope, despite the terrorizing of the population by calls from politicians close to the government.

The ‘woke’ policy of SYRIZA has been dissaproved considerably.

Although it retained second place, it is clear that the results of SYRIZA are below expectations for this party.

PASOK , a centre-left wing party, finished third with 11.9%, gaining 0.3% from the May elections. PASOK got 32 MPs (-9 from the May elections).

The results are the best of the last 8 years, confirming the choices and strategy of its leadership.

The KKE, The Communist Party, got 7.7%, i.e. it won an additional 0.5% from the May elections, receiving 20 MPs (-6 from the May elections).

The results are the best of the last 11 years, and are an indication that the traditional part of this historical anti-systemic left party is returning to the KKE.

The ‘Spartans’ party, far right party, supported by the imprisoned Ilias Kardasilaris, won 4.7% and 12 seats.

The result is a strong slap to those who tried, in a coup d’état, to exclude the political presence of the nationalist space it represents in the May elections.

The ‘Hellenic Solution'(ELLINIKI LISI),  right wing paty, of Vellopoulos took 4.5%, winning the same percentage as in the previous elections, and 12 seats.

The ‘Victory Party’ (Niki, antisystemic right wing party) won 3.7% and elects 10 MPs (+0.8% from May)

Zoi Konstantopoulou’s ‘Freedom Sailing’, center-oriented antisystemic party, passed the 3% threshold by getting 3.2% and electing 8 MPs. It gained 0.3% over the May election.

Yanis Varoufakis’ Mera25 (with the support of some former left wing former LAE party) took 2.5%, maintaining its strength. However, since it is below 3%, it does not elect MPs.

From other parties, the ‘Patriotic Coalition’ of Emfietzoglou (patriotic Power)-Bogdanou (Homeland) stand out in presence with 0.50%, Voice of Reason of Afr.Latinopoulos with 0.43%, Green Ecologists, EY- KINESI, ANTARSYA and Parsino and MOB, all with lower percentages, between 0.3% and 0.4%.

Where did the Spartans get votes from?

The Spartans won their largest percentage in the People’s Districts B of Western Attica, collecting 7.6%.

In this region, ND lost 2% of the May elections, SYRIZA lost 2.4%, El.Lysi lost 0.7%.

Given that the KKE won 1% against the May elections and PASOK 0.6%, one could assume that the ND is the party with the biggest leaks to SPARTIATES, with the biggest chunk of its votes being new or undecided votes.

This means that there is a lot of momentum and developments in this party.

The new Government

Various journalistic sources speculate that the new ministers will be Foreign Minister G. Gerapetritis, Defense N. Dendias, Economy K. Hatzidakis, Immigration D. Kairides, Labor Adonis Georgiadis, State (for Parliament) Makis Voridis.

Result in the Markets

The outcome of the elections is expected to be positive for the markets. However, as a similar result was expected from polls, it is unknown whether the markets will open tomorrow with significant upward trends.

The market will expect significant changes that favor companies. Ongoing issues such as investor protection, lower real estate taxation, lower corporate taxation, reduction of VAT and VAT, could for example be catalysts.