Tsipras calls snap election

From the FT:

Greece is to hold a snap general election after prime minister Alexis Tsipras resigned and asked the Greek people to pass judgment on the latest bailout deal.

In a televised addressed, the leader of the leftwing Syriza party said he would tender his coalition government’s resignation to Greece’s president, triggering the sixth general election in eight years.

“I’m putting everything I’ve done [in the past seven months] to the judgment of the Greek people,” Mr Tsipras said.

His move makes way for the appointment of an interim administration to oversee an election likely to be held on September 20, officials said.

Fresh elections — called on the very first day of Greece’s new €86bn international bailout programme — will plunge Greece back into short-term political uncertainty. But they could allow Mr Tsipras to capitalise on his enduring popularity in the hope of yielding a more stable government that is not held back by far-left critics of the rescue terms.

He’ll win but it’s still more uncertainty for a bailout that has lost half it money via the IMF and is yet to even acknowledge it.

 

Houses and Holes

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

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Comments

  1. Ronin8317MEMBER

    After selling his country out, Tsipras’s popularity remains at 60% from polls in July.
    We’re all wrong and he’s right. The Greek may have voted ‘No’ in the referendum, but what they really want is another round of handouts rather than reforming their economy. The Greek youth will be condemned to a live of debt servitude, but the boomers wants to keep their pension.