Alexis Tsipras wins snap Greek election

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Greek Prime Minister Alexis Tsipras has been re-elected in a surprise general election, despite deep divisions within his own party and strong opposition.

Many had assumed Tsipras would lose the election due to his unpopular concessions to the country’s European creditors earlier in the year. This included a controversial decision to accept a bailout despite a popular vote against such a measure.

Syriza’s main rivals, New Democracy, represent a more right-wing outlook in Greek politics, and won 28.1% of the popular vote against Syriza’s 35.5%.

Initially elected on an anti-austerity platform, Alexis Tsipras conceded to European and international creditors after tense negotiations that almost saw Greece default on its debts. These actions caused the stauncher members of Syriza to openly rebel against Tsipras, saying that he’d abandoned the principles he was elected on.

But it’s clear that a majority of Greeks favour Tsipras’ approach, and many both in Greece and other Eurozone nations feel that the stability of the same government is a promising sign.

Despite that, Fitch Ratings – which provides credit assessments – has already said that the Greek credit risks are still high, especially in regard to the third bailout that was granted this year. Fitch states “… the government’s ownership of the programme is likely to remain less than whole-hearted, and its negotiating stance unpredictable.”

Image credit: FrangiscoDer (Own work) [CC BY-SA 3.0], via Wikimedia Commons

 

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