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Athens, Greece (CNN) — A left-wing coalition that opposes austerity will try to form a new government in Greece starting Tuesday after the center-right party that came first in elections gave up a day earlier.

Alexis Tsipras, leader of the leftist Syriza coalition, is due to meet Greek President Karolos Papoulias on Tuesday and then start coalition negotiations.

Syriza, which opposes the unpopular budget-cutting measures imposed on Greece in exchange for a European bailout, will have three days to form a government.

The party came in second place in elections that left the Greek political scene in chaos, with seven parties getting seats in parliament and no party capturing more than 19% of the vote.

The Greek stock market dropped about 5% in early trading before recovering somewhat Tuesday amid concerns that Sunday’s electio