The coalition comprised both of Greece's traditional major political parties, PASOK on the left and New Democracy (ND) on the right, as well as the right-wing Popular Orthodox Rally (LAOS).

The aim of the coalition was to relieve the Greek government-debt crisis by ratifying and implementing decisions taken with other Eurozone countries and the International Monetary Fund (IMF) a month earlier.

[1] The elections delivered massive losses for the parties of the outgoing government, resulting in a realignment of Greek politics.

Three new parties entered Parliament in the election – the right-wing populist Independent Greeks (ANEL) won 11%, the far-right Golden Dawn (XA) 7%, and the Democratic Left (DIMAR) 6%.

ND leader Antonis Samaras,[3] Syriza's Alexis Tsipras,[4] and PASOK's Evangelos Venizelos all tried and failed to put together governments in the days following the election.

[5] On 16 May, President Karolos Papoulias appointed Panagiotis Pikrammenos as caretaker Prime Minister and scheduled a new general election for 17 June.

[16][17] Following the vote of confidence one previously expelled PASOK member was re-admitted to the party, raising the Papandreou majority to 153 seats.

Despite the narrow victory, Papandreou eventually resigned a few days later, making way for a three-party "grand coalition" caretaker government under Lucas Papademos, a former ECB vice president, with the support of PASOK, ND and LAOS.

[24] The court also banned the one-man party Tyrannicides from contesting the election under that name, on the grounds that the title "demonstrated criminal intent.

[25] In order to provide voters with a quick unbiased tool, to check into what degree the voters personal answer in a political survey compared with the answers by the political parties, a joint academic non-profit group of researchers from Aristotle University of Thessaloniki and four other International universities,[26] developed this free to use internet application Choose4Greece.

[36] LAOS's Georgios Karatzaferis, who left the interim government midway through its "mandate," criticised ND and PASOK for their "betrayal," saying that "they depend their political survival on foreign power centres by accepting English law for [Greece's] bonds.

He also criticised a new initiative against illegal immigration as lax, in what was read as a move to gain back credibility from Golden Dawn.

[37] At a campaign rally in the Athenian suburb of Maroussi on 21 April, PASOK's Evangelos Venizelos said that "parliament cannot become a reception space for the followers of Nazism and fascism."

On 27 April, the yields slightly recovered to 20.6%, when opinion polls started to show that the election could result in an austerity friendly government.

[42] Less than a week before the election Standard & Poor's increased the Greek sovereign debt rating by a notch above default.

Golden Dawn, an extreme right party, was set to enter parliament for the first time, capturing traditional LAOS voters after their support fell when they joined the interim governing coalition.

[51] At the close of the first trading day after the election, Athex had slightly recovered to a decline of 6.7%,[52] while the yield for 10-year government bond rose from 20.6% to 23.0%.

[55] As a result of the failure to form a government five days later, following both ND and SYRIZA's attempts, U.S. financial markets continued to slide.

[56] After two failed attempts to form governments, Trevor Williams, the chief economist at Lloyds TSB said that the markets were beginning to factor in a Greek withdrawal from the eurozone.

[42] Over the course of the next eight days following successive failed attempts at government formation, stock markets in Europe and elsewhere fell,[59][60] while sovereign bond yields in Italy and Spain also rose amid fears of a renewed crisis within the eurozone.

[61] Local media reactions included Imerisia [el]'s headline "Country in Limbo" and Ta Nea's "Nightmare of Ungovernability.

[63][67] The day after the election, President Karolos Papoulias met with the leader of New Democracy Antonis Samaras to task him with the first attempt to form a government.

[5] On 12 May, an opinion poll showed that 72% of respondents felt that the parties must make mutual concessions and work together, 22.9% of them called for a new election.

[71] A caretaker cabinet under Council of State president Panagiotis Pikrammenos was appointed on 16 May, and the election date announced to be scheduled for 17 June.