Athens - The main opposition Socialists under the leadership of George Papandreou were on their way to winning the Greek election Sunday after voters expressed their discontent over the conservative government's handling of the economic crisis and corruption. With nearly 15 per cent of ballots counted, the Socialist PASOK party was leading with 43.18 per cent of the vote and heading towards an absolute majority in parliament. The Conservative New Democracy Party came in second with 36.23 per cent.
Tens of thousands of PASOK supporters celebrated in major cities across the country, waving green flags and honking car horns.
The election pitted Papandreou and Costas Karamanlis, the heirs to two of the most powerful political dynasties that have dominated politics in the southern Mediterranean country since the 1950s.
The elections were seen as critical for implementing reforms needed in the Eurozone's second poorest member, which is on the brink of a recession.
Panagiotis Patrakis, an economist professor at the University of Athens, said improving the state of public finances is the primary challenge of the next government, as is taking all necessary measures to inflate economic activity.
The Socialists will face high unemployment, a budget deficit exceeding 6 per cent of GDP, illegal immigration and an insufficient social security system.
PASOK has proposed a different policy to tackle the economic crisis by promising a 3-billion-euro stimulus package taxing the rich and helping the poor.
Outgoing Prime Minister Karamanlis had called for two years of tough reforms such as public sector wage freezes.
Poor state revenues forced the government to resort to borrowing 52 billion euros so far this year in order to finance a widening budget deficit, expected to exceed 8 per cent of gross domestic product.
Karamanlis had fallen out of favour with many voters in the wake of a series of financial scandals that have embroiled his government, with allegations of corruption leading to the worst riots Greece has seen in decades.
