The Economy

Leftists’ Win in Greece Stirs Fears of Instability

Anti-austerity party gets voted into Greek parliament, potentially increasing uncertainty in Europe.
Matthew HellerJanuary 26, 2015
Leftists’ Win in Greece Stirs Fears of Instability

A far-left party that ran against painful austerity measures imposed as part of Greece’s $270-billion international bailout deal has won parliamentary elections, potentially putting the country on a collision course with the euro zone.

The Syriza party’s victory is “a damning popular verdict on Europe’s response” to the financial meltdown, The Guardian reported, noting it would be the first explicitly anti-austerity party to take office in the EU.

“Your mandate is undoubtedly [for] canceling the bailouts of austerity and destruction,” Syriza leader Alexis Tsipras, a former communist, told supporters in his victory speech. “The troika for Greece is the thing of the past,” he said, referring to the EU, International Monetary Fund, and European Central Bank.

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Syriza appeared to have won 149 seats in Sunday’s election — just short of the majority that would enable Tsipras to govern without coalition partners. The party was reported to have formed a coalition with the Independent Greeks, a right-wing populist party, that would give it a governing majority of about 163.

Voters soundly rejected the conservative government of Prime Minister Antonis Samaras and apparently endorsed Tsipras’ anti-austerity program. The Syriza leader has said he will renegotiate Greece’s debt.

“The result throws into question whether Greece will remain in the euro zone and the union overall, sets a precedent for anti-austerity insurgents elsewhere in Europe — notably in Spain, which will hold elections this year — and underlines public rejection of the policies prescribed mainly if not exclusively by Berlin in recent years,” The Guardian said.

It predicted that Athens and its creditors will now “spend weeks in wrenching negotiations over the terms of continued assistance and whether [the] new government will do enough in terms of further cuts and reforms to keep Greece in the euro.” If you want to test your gambling skills — choose the best online pokies au. Entry rules are maximally loyal. Modern casino games require no download or registration for demo versions, so you can run australian online roulette or video slots using virtual credits for betting. And if you feel you’re ready for a serious game — then try the best online casino in Australia that offers to play for real money. To make it easy to find the right service, we’ve prepared for you reviews of current offers. With them you can always find online pokies with free no deposit bonus or progressive jackpot.

British Prime Minister David Cameron said the Greek election “will increase economic uncertainty across Europe,” while European Central Bank board member Benoît Cœuré stressed that the country must repay its debt.

“Mr. Tsipras must pay,” he said. “Those are the rules of the game, there is no room for unilateral behavior in Europe.”

Source: The Guardian