Syriza win in Greece sparks debate over exit from Eurozone

The left-wing party Syriza won a historic victory in Greece's election yesterday, after challenging the current situation with the EU over plans to renegotiate the country's bailout terms.

Syriza win in Greece sparks debate over exit from Eurozone

The left-wing party Syriza won a historic victory in Greece's election yesterday, after challenging the current situation with the EU over plans to renegotiate the country's bailout terms. Anti-austerity party took 75% with more than half of ballots counted. Syriza have become Europe’s first anti-austerity party in power and its leader Alexis Tsipras, 40, will be Greece's youngest prime minister in 150 years.

As the result became clear, Mr Tsipras told thousands of flag-waving supporters in Athens: "Greece is leaving behind disastrous austerity. He vowed to renegotiate the terms of Greece's €240-billion bailout with the EU and the IMF. "I can assure you the new government will cooperate with the creditors and negotiate a new mutually viable solution”.

The possibility of Greece defaulting on its debt repayments under a Syriza government is likely to trigger new fears the country could be forced to leave the Eurozone, what is being termed a "Grexit". Financial markets are growing increasingly wary at the prospect of Syriza coming to power and Mr Tsipras will come under pressure to deliver on his promises to reverse the public sector spending cuts and labour market reforms that were introduced in exchange for the 2010 bailout.

Podemos leader Pablo Iglesias told a rally of his supporters in the Spanish city of Valencia on Sunday: "Hope is coming, fear is fleeing. Syriza, Podemos, we will win." The IMF has warned Greece, which is only slowly emerging from six years of recession, that failure to repay its debts will carry "consequences".


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