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Experts draw hope from Syriza's Greek election victory

Greek Prime Minister Alexis Tsipras gestures as he leaves the EU Council headquarters after a meeting of the European Union leaders in Brussels.
Philippe Wojazer | Reuters

The re-election of Greek Prime Minister Alexis Tsipras with a strengthened mandate has boosted hopes that this latest election - the country's third of 2015 - will be a turning point for Greece.

With 99.44 percent of the vote counted from Sunday's poll, Reuters reported that Tsipras' Syriza party had won 35.47 percent of the vote, with conservative New Democracy taking 28.09 percent. The vote gives Syriza 145 seats in the 300-seat parliament, and according to local media Tsipras will form a governing coalition of 155 seats with old ally the Independent Greeks party. New Democracy will be in opposition.

It's a remarkable victory for Tsipras: Expert
It's a remarkable victory for Tsipras: Expert

Fariborz Moshirian, Director of the Institute of Global Finance at the University of New South Wales, said the stability of the new Syriza-led government was important for Greece's ability to move forward on the reforms it needs to implement to kickstart its economy.

Moshirian told CNBC that he hoped this stability would allow the Greek government to "implement fully, in effect, all the austerity measures, as well as economic reforms plus privatization, and labor market reform."

Tsipras had resigned as prime minister in August after seeing his own party split over the reform legislation Greece needed to pass in order for the country to receive the first tranche of 86 billion euros in bailout cash. The reforms were required under the terms of the bailout agreement Tsipras hammered out with Greece's euro zone creditors.

Now, with the voting public clearly favoring enacting the legislation required to receive the bailout, Tsipras must quickly ready Greece for its next big hurdle: A mid-October assessment by creditors of its reform program, Cicero Group Executive Director, Andrew Naylor, told CNBC.

If the assessment proves satisfactory, the remainder of the bailout funds will be released. That funding "is really what Greece needs, in addition to the reforms, to move forward out of the crisis that they've found themselves in," said Naylor.

Read MoreSyriza forms new coalition government

Naylor added that he believed debt restructuring - a major sticking point throughout the Greek crisis - was also necessary in order to put Greece back on the road to recovery. So far, creditors have remained non-committal with regard to a debt haircut.

Naylor and Moshirian were, however, broadly upbeat about Greece's future.

"I think the market is quite happy now," said Moshirian, "to note that we are going to have some kind of political, as well as financial, stability in Greece."

Naylor said that the signs pointed in the right direction for Greece's growth and recovery.

Read MoreGreece votes (again): Why it matters

"It's out of recession, unemployment is still very, very high but it's falling," he said, reiterating his point that strong reforms and some form of debt relief would remain key.

Greece's second quarter nominal GDP grew by 0.8 percent, after the country posted zero growth between January and March.