Greeks have chosen the pro-bailout party New Democracy over the much-feared anti-bailout Syriza, providing relief to both the country and the eurozone, since Greece is now likely to stay within the single currency bloc.
The conservative New Democracy secured 29 percent of the vote, while Syriza was runner-up with 27 percent.
New Democracy will now try to form a government with the help of other parties, including Pasok, which placed third with a humbling 12 percent. Once fierce rivals, New Democracy and Pasok will now be joining hands to form a government.
Together, the two parties will hold 162 of the 300 seats in parliament.
"The Greek people voted today to stay on the European course and remain in the eurozone. There will be no more adventures. Greece's place in Europe will not be put in doubt. The sacrifices of the Greek people will bring the country back to prosperity," the BBC quoted the jubilant New Democracy leader Antonis Samaras as saying after the election results.
"There is no time to waste. A national salvation government must bring economic growth and reassure Greeks the worst is over," Samaras added.
The New Democracy leader promised that the country would honour its obligations to the EU and the IMF in the €130 billion bailout for Greece.
Both New Democracy and Pasok supported the bailout terms that were rejected by Syriza and other small parties.
Nonetheless, both New Democracy and Pasok wanted to renegotiate the terms of the bailout, while trying to capitalise on the lenient bailout terms of Spain's bank deal.
Pasok has yet to decide whether it will support a coalition government. Reports suggest the party will hold a meeting to discuss the issue.
Syriza's leader Alexis Tsipras congratulated Samaras, but denied any possible coalition with either New Democracy or Pasok.
"We shall be present in any developments from the position of the main opposition. Everyone must know that the measures of austerity and the selling off of state property will not be able to move forward because they lack popular legitimacy," Tsipras said, according to the Greek Reporter.
Germany, eurozone's paymaster, widely welcomed the Greek election results. German finance minister Wolgang Schäuble said the results indicate the country will forge ahead with the implementation of far-reaching economic and fiscal reforms.
"[The election is] Greece's best guarantee to overcome the current economic and social challenges and for a more prosperous future [for] Greece in the euro area," eurozone finance ministers said in a statement.
This is Greece's second round of parliamentary elections after inconclusive results in the previous ballot, held on 6 May.
Final Election Results
New Democracy 29.6 percent (129 seats)
Syriza 26.9 percent (71 seats)
Pasok 12.2 percent (33 seats)
Independent Greeks 7.5 percent (20 seats)
Golden Dawn 6.9 percent (18 seats)
Dimar 6.2 percent (17 seats)
KKE 4.5 percent (12 seats)