Independent MP and former New Democracy (ND) foreign minister Dora Bakoyannis on Sunday formally announced the founding of her new "Democratic Alliance" political party, symbolised with an olive tree and the colors blue and orange, which belongs to the Center of the political spectrum.

At an event at the Olympics Badminton facility, Bakoyannis invited the 5,000 participants to sign the new party's Founding Declaration, describing her party as an "independent, participational democratic movement".

Outlining the Democratic Alliance's fundamental principles and values, Bakoyannis said the party is opposed to new taxes institution of a single tax rate "in the region of" 20 percent, and stressed that it will pursue national understanding and agreement on reducing the number of civil servants so that, over the next decade, the public sector will function with two-thirds of its current manpower.

She also spoke of a second social security reform and the institution of a constitutional fiscal regulation that would ensure balanced budgets, while she also criticised ND and its leader over their stance on the Memorandum.

Bakoyannis made it clear that her party is determined to clash with the "phenomena of intransparency", while she also defended her decision to vote in favor of Greece's resorting to the European support mechanism, which differentiation from the main opposition party's official stance led to her leaving ND. "I disagreed, and disagree, with many of the measures and regulations contained in the Memorandum, but at that time last May, the dilemma was merciless for everyone: approval of the support mechanism or immediate default".

Bakoyannis further announced that the new Democratic Alliance party's inaugural congress will be held in March.