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Greek Conservatives take charge in landslide win, vow more investment, fewer taxes

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Greek Conservatives take charge in landslide win, vow more investment, fewer taxes

The Bank of Greece projects that the 3.5% of GDP primary surplus target that excludes debt servicing outlays is likely to be missed this year and reach just 2.9% of economic output.

With Greece still challenged by its debt overhang, the fiscal policy stance of the new government will be closely watched.

The real test will be next year’s budget with Mitsotakiss expected to outline the key contours in the traditional economic address in Thessaloniki in September.

“I want the government that will be elected to do its best for the people, who are hungry,” said pensioner Christos Mpekos, 69. “To give jobs to the young so they don’t leave.”

Tsipras says that a vote cast for Mitsotakis would go to the political establishment, which forced Greece to the edge of the precipice in the first place.

But he has also been roundly criticized for mismanagement of crises and for brokering a deeply unpopular deal to end a dispute over the name of neighboring North Macedonia.

Greece wrapped up its last economic adjustment program in 2018 but remains under surveillance from lenders to ensure no future fiscal slippage. While economic growth has returned, Greek unemployment of 18 percent is the euro zone’s highest.

New Democracy has promised to invest in creating well-paid jobs with decent benefits. It has also promised to be tough on crime in some neighborhoods of Athens where there is a strong anti-establishment movement.

In one neighborhood, activists stormed a polling station and made off with a ballot box.

Additional reporting by Renee Maltezou, Angeliki Koutantou, Karolina Tagaris, George Georgiopoulos; Writing by Michele Kambas; Editing by Raissa Kasolowsky, William Maclean

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