The narrow victory of Antonis Samaras' New Democracy party in Greece's parliamentary elections will bring respite to markets, but the hard work is just beginning. Joel Flynn reports.
Europe sighs with relief, at least for now. Anti-bailout party SYRIZA conceded defeat in Greece's parliamentary elections on Sunday. And Greece, for the time being at least, looks like it might stay in the euro. New Democracy leader Antonis Samaras said his party's victory was one that would be shared by the whole continent. (SOUNBITE) (English) NEW DEMOCRACY PARTY LEADER ANTONIS SAMARAS SAYING: "Today the Greek people expressed their will to stay anchored with the euro, remain an integral part of the euro zone, honour the country's commitments and force their growth. This is a victory for all Europe. Euro zone finance ministers said the bailout terms remained the best way to drag Athens out of the crisis. However, while market reaction was overwhelmingly positive in early morning trade in Asia, there are still significant risks. Spain may yet need a bailout, and the price of Italian bond yields are raising questions about the solvency of Mario Monti's government. Phillipe Brossard is chief economist at AG2R La Mondiale. (SOUNDBITE)(English) CHIEF ECONOMIST AG2R LA MONDIALE, PHILLIPE BROSSARD, SAYING: "We do not understand how Spain and Italy will recoup enough growth to improve their financial situations. So it still remains very difficult for eurozone countries, even if the immediate risk of a euro split has diminished a lot." Good news has been hard to come by in Europe. Whether the Greek election result will change that should become clearer in the next few days. Joel Flynn, Reuters