Greek leader Tsipras calls elections after party rebellion

But the bailout is conditional on Greece imposing stringent spending cuts and tax hikes – the very measures Tsipras won elections in January vowing to repeal.

A parliamentary vote to approve the bailout conditions last week led to dozens of Syriza legislators voting against him, accusing him of capitulating to unreasonable demands that will plunge the Greek economy further into recession.

Tsipras is listening to advice from government colleagues who are recommending that the polls should be held within September as well as those advocating that the snap elections should not be called before early October.

“The political mandate of the January 25 elections has exhausted its limits and now the Greek people have to have their say”.

EC President Juncker’s chief of staff, Martin Selmayr tweeted this evening: “Swift elections in Greece can be a way to broaden support for ESM stability support programme just signed by PM Tsipras on behalf of Greece“.

However, the Greek parliament’s speaker objected to the procedure followed by President Prokopis Pavlopoulos in upholding a mandate to form a new administration.

The new party is called Popular Unity and is headed by former Energy Minister Panagiotis Lafazanis.

Hello and welcome to live coverage of Greece’s political crisis, where it seems that Alexis Tsipras is on the verge of calling a snap on the same day his country managed to secure its first bail-out cash from worldwide creditors in over a year.

Tsipras is betting that he can swap out these rebels for more amenable allies, and maybe even take some seats from the fractious and disunited opposition to win an outright Syriza majority, instead of being forced into another coalition government with an outside party. The Greek constitution allows the three largest parties in parliament three days each to attempt to form a new government; Syriza has already declined, but New Democratic leader Vangelis Meimarakis said an attempt would be made.

Almost one third of his left-wing party refused to back austerity measures demanded from Mr Tsipras and Greece by the Eurozone.

“I want to be honest with you”.

As agreed in the bailout deal, the creditors Thursday approved the first disbursement of funds worth EUR26 billion, part of the EUR86 billion loan to Greece.

The only remaining issue is for the new government to actually implement the bailout once it begins to function.