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Last Thursday, Greek Prime Minister Alexis Tsipras announced that he was resigning. Tsipras’s Syriza Party, which won the Greek parliamentary elections in January, was coming apart at the seams after Tsipras agreed with Greece’s creditors to enact more austerity reforms. When the Greek Parliament had to approve of this deal last week, Tsipras was forced to rely on opposition parties as forty-three of Syriza’s 149 members either voted against the deal or abstained. Following the vote, twenty-five Syriza members of Parliament (MPs) bolted from the party and this left it without a governing majority. Unable to survive a censure motion and likely fearing that anti-bailout leftists would soon rally against his government, Tsipras resigned and paved the way for new elections next month. The news of new elections was hesitantly received in some European capitals, with Paris and Berlin reminding Athens that it would be held to the terms of the new bailout deal regardless of who won power. Nevertheless, financial markets have been roiled by another Greek election – the nation’s fifth in six years – out of fears that Syriza could lose or that the elections will slow down much needed economic reforms.
This topic brief will explore the factors that are behind the upcoming Greek election, discuss how the election is expected to proceed, and briefly analyze how the elections could create headaches for several members of the European Union (EU).
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