Syriza Wins: Will There be a Grexit?
The Coalition of the Radical Left, also known as Syriza, has won power in Greek national elections, projecting to capture 149 seats of the 300 in parliament. This win gives the far left party a major anti-austerity mandate which will put Greece at odds with the eurozone and creditors. The landslide victory punished the current party and its policies, outgoing Greece Prime Minister Antonis Samaras graciously conceded defeat. Taking control will be Alexis Tsipras, Greece’s next prime minister, who promised voters boosting social spending and rolling back spending cuts. Tsipras’ proposed social spending program of €11.5 billion (US$ 12.8 billion), would account for nearly 6% of the country’s gross domestic product.
A galvanized Greece is surely to request debt relief from international creditors. A question looms, will the parliamentary election reignite the “Grexit” debate?
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