Tsipras Resigns; Snap Elections Called.

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Tsipras Resigns; Snap Elections Called.

The Greek Prime Minister, Alexis Tsipras, tended his resignation on Thursday night, thereby entering Greece into a snap election period. Tsipras hopes to strengthen his power through these elections, gain a mandate for the bailout programme and crush a rebellion within the ranks of his Syriza party.

The election is rumoured to be held on September 20th, as Tsipras asked President Pavlopoulous for them to be held at the earliest possible date.

His decision to hold elections will no doubt add to the uncertainty surrounding Greece’s political and economic future, yet Tsipras is adamant that such a move is necessary in order to consolidate his powerbase before he gives the go-ahead for Greece to fulfil further bailout obligations.

Following the news of the PM’s resignation, members to the left of Syriza are rumoured to be planning a split and forming their own party. Involved are 40 MPs, and if a split materialises, then said party will become the third biggest in Greek politics, behind Syriza and New Democracy.

Creditors are asking for economic reform, and it is expected that this will take the form of reforms to the tax structure; reducing pension expenditure and a ‘solidarity’ tax.  Meanwhile, Greece has received 86 billion-euro from the IMF as part of its bailout programme –making this the third in five years.

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