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Free AccessConservatives Hang On As Far-Right, Libs, Greens Make Election Gains
The centre-right Democratic Rally (DISY) of President Nicos Anastasiades retained its plurality in the Cypriot parliament following the legislative election held on 30 May. DISY, and the main opposition far-left Progressive Party of Working People (AKEL) lost a seat each.
- The main gains came from the centre of the political spectrum, with the liberal Democratic Front entering the National Assembly with four seats, and the environmentalist Movement of Ecologists – Citizens' Cooperation gained an additional seat, taking the party's total to three.
- The far-right nationalist National Popular Front (ELAM) was also a winner in the election, doubling its seat total to four and rising to fourth place in the national vote share.
- The campaign was marked by accusations of corruption towards the governing party, with the 'golden visa' scandal - which saw politicians and officials accused of allowing criminals to obtain Cypriot visas and passports in exchange for cash - significantly damaging support for the largest party. The result was the lowest share of the vote for DISY in 40 years.
- The scandal has hit all three of Cyprus' main parties, with AKEL and the centrist Democratic Party (DIKO) both recording declines in their vote share as the electorate shifted support to either new moderate parties such as the Democratic Front, or the far-right ELAM.
- The election will not affect the gov't, which is put together by the president. However, the poor result for DISY could spell trouble ahead of the next presidential election in 2023, where two-term President Anastasiades has state he will not run for a third period in office.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.