( CNN ) -- Sunday 's parliamentary election in Greece delivered a crushing blow to New Democracy and Pasok , the two dominant parties that have ruled the country for the last 37 years . In the coming weeks , expect uncertainty , shifting alliances and growing frustration as a new political landscape struggles to emerge from the wreckage of the old . As the main backers of Greece 's second bailout and the harsh austerity measures that accompanied it , New Democracy and Pasok saw their combined share of votes plunge , as angry voters punished them for two years of wage and pension cuts and rising taxes . Pasok , in particular , which won a landslide election in 2009 and made the fateful decision to seek the financial assistance of euro zone partners and the International Monetary Fund in 2010 , saw its support collapse . Coming in second at the polls was Syriza , a left wing party fiercely opposed to privatization , public sector spending cuts and labor market reform . The other four parties that garnered enough parliamentary votes , ranging from the unreconstructed Communists to the pro-Nazi thugs of Golden Dawn , are also opposed to further austerity . What will happen next will depend on the ability of the frontrunners to form a coalition government made up of pro-European forces that will meet the conditions set by Greece 's official creditors for the disbursement of further funds . These conditions include the adoption of spending cuts worth 11.5 billion euros for 2013-2014 by next month , as well as quick progress in privatization and the opening up of closed professions , two areas in which neither the former nor current prime minister made any significant headway . Antonis Samaras , head of New Democracy , said initially that his party was willing to lead a coalition government with the aim of keeping Greece in the euro zone and amending the policies of the loan agreement so that they could promote growth . But he has relinquished the mandate to form a government after talks broke down with the leaders of other parties , including Syriza , Pasok and the Democratic Left . Syriza , the real winner in the election , has made it clear that it plans to reject the new loan agreement and come to a new understanding with Greece 's euro zone partners . This position makes it hard for it to take part in a national unity government that would include New Democracy or Pasok . At this point , it appears more likely that the parties will fail to form a coalition and Greece will be led down the treacherous path to new elections in June . This would entail a delay in the adoption of a new package of spending cuts , which in turn will mean that the next installment of the loan , due in August and worth up to 29 billion euros , will also be set back . A political stalemate will delay both recapitalization of the Greek banks and repayment of more than 6 billion euros owed by the government to private contractors . The consequence is that Greek businesses , including healthy ones , will be deprived of much-needed oxygen . In a country that is in its fifth consecutive year of recession and with an economy expected to shrink by more than 5 % this year , this mess will cause any green shoots of recovery to wilt and die . However , the victory of Francois Hollande in the French presidential election has sent a breeze of hope throughout the euro zone . Many expect , perhaps too optimistically , that France 's new leader will convince Angela Merkel of Germany to temper her obsession with austerity in the European economy . It is hoped that she may give her consent to the issuing of euro bonds to promote infrastructure investment , complement the recently agreed fiscal compact with pro-growth measures and perhaps , less realistically , accept a plan to allow the European Central Bank to lend directly to fiscally troubled countries . From Greece 's vantage point , these are positive developments . But they will all be for naught unless the Greek political system can form a viable government that will implement the commitments it has undertaken -- properly amended in ways that Greece and its lenders can agree on -- and set the foundations for the transformation of the Greek economy to allow it to benefit from any improvement in Europe 's prospects . It is a tall order . And Greek politicians have shown little evidence of their ability to shoulder it . But the future prosperity of Greece , as well as the stability of the European Monetary Union , depends on their success . The opinions expressed in this commentary are solely those of Yannis Palaiologos and Theodore Pelagidis .
Parliamentary election in Greece delivered a crushing blow to the two dominant political parties . Yannis Palaiologos and Theodore Pelagidis : Expect uncertainty and frustration . Palaiologos , Pelagidis : If parties fail to form coalition , businesses , economy will suffer . They say that the future of Greece depends on the ability of its politicians to come together .