Results from Greece, where the electorate went to the polls for the second time in a matter of weeks following the inconclusive election of 6 May, were greeted with a cautious sigh of relief especially by eurozone members as the pro-bailout parties have won a narrow majority in parliament.

This feeling was echoed in the financial markets with Europe and Asia registering significant gains at the start of the week ahead. A Greek exit from the eurozone would have potentially catastrophic consequences for other ailing European nations, while the fallout would even hit the United States and the entire global economy.

In Sunday’s general election, the pro-bailout parties secured 42% of the vote with the New Democracy being the largest party with 30%. Its leader Antonis Samaras who has a daunting task ahead of him to form a new coalition government in a rather conciliatory move, stated that “a national salvation government” is the key right now, for the country to forge ahead in its road for recovery. His first day in office was thus focused entirely on securing a stable majority, counting also on the support of the Socialists and perhaps of the Small Democratic Left party. Thus, he would be able to face his European counterparts next week in Brussels for the end of the Danish Presidency Summit, buoyed by a relatively stable government for the first time in months. This would be a significant development compared to the political impasse of recent weeks. However, the stark reality is that the absolute majority of Greeks have expressed themselves against the conditions imposed upon their country following the international bailouts from the International Monetary Fund (IMF) and the EU. Pro-bailout parties mustered only 42% of the vote. While central bankers and Finance Ministers were on standby in the eventuality of Greece’s eurozone exit, which is still hanging in the balance but less probable for the time being, the majority of Greeks were venting their frustration against the overdose of bitter pills which they had to swallow in the last couple of years.

The biggest challenge ahead for the new Greek government is to convince the electorate that there is some light at the end of the tunnel. The feeling is that Greeks have now become disillusioned with the austerity measures being imposed upon them from Brussels. Meanwhile anti-bailout parties are pouncing on this sentiment, prompting international criticism that they may live to regret such a stance, accusing them of betraying the national and eurozone interests for purely partisan reasons. Indeed, the radical left wing leader Alexis Tsipras, whose party mustered 27% of the popular vote and is thus breathing down Samaras’ neck, is already suggesting that this government is doomed, claiming it is only a question of months till the left will be in power. Riding on a populist wave, Tsipras is promising to tear out the bailout agreement, to renegotiate it from scratch, implying better terms and conditions for his country.

The crude fact is that European tax payers have been the ones forking the bill for Greece’s financial mess which had been going on for decades. After digging deep in their pockets to throw them a life-line, European Finance Ministers pretend to have a say in the management of this debt-crippled economy. The new Greek government has already indicated its intention to demand some more flexibility from Brussels, even though Berlin is likely to insist on its pound of flesh. On the other hand, any suggestion of a complete renegotiation of the Greek bailout conditions is surely a pie in the sky, to say the least.