Greece's Prime Minister Kyriakos Mitsotakis has officially announced a general election to be held on May 21st, following the completion of the formal constitutional process. The announcement comes at a time when Greece is on the brink of recovering its investment grade, which will result in lower borrowing costs for the state, businesses and households.
During a meeting with President Katerina Sakellaropoulou in Athens, Mitsotakis stated that this national goal, combined with the need for strong international representation, requires political stability over a period of four years. The government has effectively completed its term, he added.
The upcoming election will take place in the aftermath of a deadly train crash which has shaken the country. While the popularity of Mitsotakis's center-right New Democracy party has declined in polls since the incident, it is still leading over the leftist Syriza party of former premier Alexis Tsipras.
This election will take place under a full proportional representation system introduced by Tsipras, making it almost impossible to have a one-party government. This means that a second round of voting is likely in the event that political parties are unable to form a coalition government. In this case, Greeks will be called to vote again about a month after the first ballot, and the second elections will be held using a semi-proportional system that will make it easier to put together an administration.
The Greek parliament is currently closed for the Orthodox Easter holidays, and parliamentary activity will be halted following the vote during the time given for the parties to try to form a government. The outcome of the election will have significant implications for Greece's political and economic future, as the country aims to continue its path towards recovery and stability.