Greece: Market-friendly incumbent wins election, reduces risk of weak coalition

  • Incumbent PM Mitsotakis's market-friendly New Democracy wins 41% of votes vs 36% opinion poll and 20% for leftist Syriza

  • Coalition now unlikely: instead of aligning with 3rd-placed Pasok (12%), ND may seek outright majority in a June re-run

  • Greece equities have outperformed, up 25% ytd, but are still attractively valued, 8x PE is 45% discount to 5-year median
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