Greece electiongoes to pro-bailout New Democracy party

June 17, 2012 1:56:51 PM PDT
There is a potential boost for the president's re-election prospects as the crisis over Greece appears to have been averted for now.

Greece held its second election in six weeks.

The issue was how the country would deal with the $300 billion it has borrowed to keep its economy afloat.

Voters defeated a far left party that wants to refuse the bailout deal.

A party that favors living within the constraints came in first.

It immediately proposed forming a coalition government.

The result eased fears around the world of what might happen to the Euro Zone.

The Greek economy remains a shambles with five straight years of recession and soaring unemployment.