Greek snap elections raise concerns of new financial crisis

Posted On 30 Dec 2014
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Concerns of a renewed financial crisis in Greece emerged this week after Prime Minister Antonis Samaras called snap general elections that could bring the anti-austerity measures opposition party (Syriza) to power and put the country on a collision course with its international lenders.

Fears amongst investors were ignited after the Greek parliament rejected Samaras’s nominee for president, Stavros Dimas, automatically triggering an election which is now scheduled for January 25.

Stavros Dimas fell short of the 180 votes needed to become president in the decisive third round of voting in the Greek parliament on Monday. Greece could return to the brink of a financial crisis if it fails to put together a government soon.

The opposition leader, Alexis Tsipra, said austerity belongs to past.

“ With the will of our people, in a few days bailouts tied to austerity will be a thing of the past,” the Syriza leader said after the vote. “The future has already begun.”
While most Greeks do not appear to want elections, the terms of the bailout agreed by the Samaras government have imposed harsh sacrifices on many people and the signs of improvement in their battered economy have yet to show through clearly.

If Syriza is elected, it would be the first time an anti-bailout party determined to overturn the austerity approach prescribed since the start of the euro zone crisis comes to power in Europe.

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