Already, the largest party following the Greek election, New Democracy, has given up leading a government. The mandate now shifts to Syriza, the Coalition of the Radical Left.
I don’t see a plausible government out of these results. A second election looks likely. The conventional wisdom seems to be that would mean chaos. I don’t buy it. Two important things could change.
1. The roughly 18% (!) who voted for parties earning less than the 3% threshold would have a chance to update their preferences and choose from among viable parties. If even a small chunk of this shifted the result could differ appreciably.
2. With a swing of barely over 2percentage points, Syriza instead of New Democracy could be the party with >100 seats, taking advantage of the massive seat bonus guaranteed the largest party. Then a leftist anti-austerity government would be viable.