New Greek Prime Minister Alexis Tsipras was set to unveil his anti-austerity coalition government yesterday, bringing together his left-wing party with the nationalist right, after a stunning election win that sent shockwaves through Europe.
With the new Cabinet expected to be announced and sworn in, the world was to get a closer glimpse at Greece’s SYRIZA-led administration, now on a collision course with international creditors over plans to renegotiate its massive bailout deal.
SYRIZA is the first anti-austerity party to govern in Europe, but it fell two seats short of a 151-seat majority in parliament and was thus forced to forge a coalition with the small right-wing Independent Greeks (ANEL) party.
Some analysts have described the coalition as “unnatural” and potentially short-lived, saying that ANEL — best-known for vitriolic attacks on Germany — are unpredictable, while the two parties differ starkly on immigration policy.
However, the two parties share a common opposition to the EU-IMF bailout, which forced sweeping spending cuts on Greeks and deepened a painful six-year recession.
Tsipras’ first priority will be to deliver on his pledge to renegotiate the terms of the 240 billion euro (US$269 billion) bailout, despite universal opposition from Greece’s European allies.
Renewed fears that Greece could be forced out of the eurozone if it defaults on its debt repayments saw the euro hit an 11-year low against the US dollar on Monday, while Greek stocks closed down more than 3 percent.
The IMF extended an olive branch to the new Greek government, saying it was prepared to continue its financial support to the country.
“We stand ready to continue supporting Greece, and look forward to discussions with the new government,” IMF managing director Christine Lagarde said in a statement.
However, EU Commission president Jean-Claude Juncker warned that Greece cannot expect any reduction in its huge debt commitments.
“There is no urgent need for action” on Greece’s debt, Juncker told German television station ARD, adding that a reduction “is not on the radar.”
In Washington, the White House said it hoped to work closely with the new government and would continue “to support international efforts to foster Greece’s economic recovery.”
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