There were three elections held yesterday. One in Greece, one in France and the Presidential runoff in Egypt. At the time of writing, there were no official results. But it seems that the Leftists have consolidated their hold in France, whereas Greece faces the task of putting together another coalition government.

The world fears that victory by Greek parties that have vowed to cancel the country’s international bailout agreements and accompanying austerity measures could undermine the European Union’s joint currency and pitch the world’s major economies into another sharp downturn.

Meanwhile, it is the second national election in six weeks and arguably the most critical in decades, reflecting political turmoil sparked by a two-year financial crisis that some fear could force the country to abandon the euro and return to its old currency, the drachma. Inconclusive elections on 6 May resulted in no party winning enough votes to form a government, and coalition talks collapsed after 10 days. The vote, which also sent the formerly governing socialist PASOK party plunging to historic lows, sent a very clear message that Greeks have lost patience with the deep austerity imposed in return for the country receiving billions of euro in rescue loans from other eurozone countries and the International Monetary Fund.

Greece has been dependent on the rescue loans since May 2010, after sky-high borrowing rates left it locked out of the international markets following years of profligate spending and falsifying financial data. The spending cuts made in return have left the country mired in a fifth year of recession, with unemployment spiraling to above 22 % and tens of thousands of businesses shutting down.

European leaders have cautioned that Greece could be left outside the 17-nation eurozone if it pulls out of its bailout commitments. Newly elected French President Francois Hollande warned in a Greek television interview earlier this week that “if the impression is given that the Greeks want to move away from the commitments that were taken and abandon all prospects of revival, then there will be countries in the eurozone that will want to end the presence of Greece in the eurozone.”

Meanwhile, French voters yesterday chose a new parliament that will determine how far Socialist President Francois Hollande can push for economic stimulus in France and around a debt-burdened, stagnant Europe. The left is in the spotlight and was expected to secure a majority.

The left’s campaign focused on local issues but will determine the country’s political direction, which has Europe-wide importance. France is the second-biggest economy in the eurozone, and along with powerhouse Germany, contributes heavily to bailouts and often drives EU-wide policy.

After budget-tightening in France under Sarkozy that leftists warned would send France back into recession, Hollande is pushing for government-sponsored stimulus to encourage growth - and has met opposition from German Chancellor Angela Merkel as the two try to stem Europe’s crisis. Hollande’s Socialist government has pledged to reduce the deficit, but markets are worried about higher spending when France’s debts are so high.

Egypt, on the other hand, is a different kettle of fish. The presidential runoff pits Hosni Mubarak’s last prime minister against a conservative Islamist – a contest overshadowed by questions of whether the ruling military will transfer power to civilian authority by July 1 as promised.

Going head-to-head in the runoff are Ahmed Shafiq, a longtime friend and admirer of Mubarak, and Mohammed Morsi, the candidate of the fundamentalist Muslim Brotherhood.

The two-day balloting followed a week of political drama in which the military slapped de facto martial law on the country and judges appointed by Mubarak before his ouster dissolved the freely elected, Islamist-dominated parliament. The race between Shafiq and Morsi has deeply divided the country, 16 months after a stunning uprising by millions forced the authoritarian Mubarak to step down after 29 years in office, with many saying that the Egyptian revolution had been hijacked.