ATHENS, Greece (AP) — Greece is on track to hold a national election July 7, three months before schedule, after the country's president accepted a request by left-wing Prime Minister Alexis Tsipras to dissolve parliament.

Tsipras and President Procopis Pavlopoulos spoke briefly on Monday evening. The prime minister said he wanted the early election to avoid months of campaigning that might have endangered the bailed-out country's economy.

Tsipras' move was precipitated by his governing party's heavy defeat in May 26 European parliamentary elections; Syriza came in more than 9 percentage points behind the main opposition, conservative New Democracy party.

Polls suggest New Democracy also is set to win the early national election.

Markets welcomed the prospect of the vote. Greek stocks rose to a 13-month high on Monday, posting gains of 3.3%.