Tag

In a live televised address to the nation, the 41-year-old premier said he had worked hard to secure the best possible rescue package for his country, but he now needed a clear new mandate from the Greek people after it cost him his parliamentary majority.

Mr Tsipras had delayed a decision on whether to call a new election until after Greece received its first instalment from the new bailout and made a debt repayment to the European Central Bank; it did both on Thursday.

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.

Rebels angered by Greece’s worldwide bailout walked out of the leftist Syriza party on Friday, formalising a widely-expected split after leader Alexis Tsipras resigned as prime minister to pave the way for early elections.

Whatever the precise cause (and the estimate may in any case be revised down), the outlook for the Greek economy remains bleak owing to the trauma of late June and July when the banks were closed for three weeks and capital controls were introduced.

The formation of the Laiki Enotita, or Popular Unity party, was announced by 25 Syriza members, hours after Tsipras stepped down as prime minister in a calculated action to consolidate power in a new election.

Greece will go to the polls next month after Prime Minister Alexis Tsipras resigned on Thursday evening.

But, he’s previously proclaimed his loyalty to Tsipras and current finance minister Tsakalotos, who he considers “good friends” and said he enjoys the life of a backbench MP.

Amid a growing revolt from the ranks of his own Syriza party and discontent about the course of Greece’s necessary reforms, Greek state broadcaster reported that prime minister Alexis Tsipras will call snap elections after a meeting with his senior advisors, happening now...

ING Bank’s Paolo Pizzoli said Mr Tsipras was deliberately challenging opponents within Syriza, adding that should he fail to win an outright majority, any coalition would be likely to have a pro-bailout stance.

Greek Prime Minister Alexis Tsipras has announced that he will step down, paving the way for early elections following a bruising battle over austerity measures linked to a European bailout package that caused a major split in the leftist ruling party.

Singling out the strain on Greece, the United Nations has called for urgent action to address the crisis.

“He said he was forced to do so because a majority of Greeks wanted to stay in the eurozone, and this could not be achieved in any other way. The move to go to elections allows Tsipras to clarify things, and to separate his government from the dissidents”, commented...

The Greek constitution stipulates that when a government resigns, the president should ask the second and third biggest parties – now the centre-right New Democracy and the neo-Nazi Golden Dawn – to try to form a new administration.

But while the term “flip-flopper” may have cost John Kerry the US presidency in 2004, for Mr. Tsipras, the label has not yet been pinned to his lapel.