The Pensioners' Party (Gil) on Monday announced its support for Vice Premier Shimon Peres for the presidency, greatly increasing his chances in Wednesday's Knesset vote.

MK Itshac Galantee said the party decided to back Peres because of his international standing and acceptance by world leaders.

He said the party needed little debate to arrive at the decision that Peres is the most suitable candidate for the role of president, Israel's official head of state vested with mostly ceremonial authorities.

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The Pensioners' Party's declaration, together with Shas' already promised support, greatly increase Peres' chances of reaching the 61 votes needed to become president in the first round of voting, while reducing those of his main rival, MK Reuven Rivlin of Likud.

At least two parties, Balad and Hadash, are thinking about abstaining from the elections, either entirely or during a second round, which expected to be a face-off between Peres and Rivlin.

A senior official from one of the two parties said Kadima had not negotiated with them to obtain their support for Peres.

"They're very complacent. They could have got another 10 votes. In the end they'll blame the world of ungratefulness," the official said, referring to Peres' failed attempt to become president in 2000, which was blamed on his campaign's weak finish during the final stages of the race.

The deciding factor for a Peres outright victory in the first round is the number of votes he can win from the Labor Party.

Labor has its own candidate, Collette Avital, who has resisted pressure from the Peres camp to drop out the race, on the grounds that she is taking votes from the vice premier.

Kadima sources believe, however, that there are as many as seven rebel voters among the Labor Party's 19-strong Knesset faction, a figure supported by a Labor Party official Sunday.