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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?

Creditors

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Turkey Wealth Fund Corrals Investors Toward Domestic Projects

The Turkey Wealth Fund is continuing talks with other global asset owners and financial institutions to lure capital toward projects and assets within the country. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ardian Auctions Off €1 Billion in Infrastructure Assets to APG

French private equity giant Ardian has auctioned off an undisclosed stake in a portfolio of European infrastructure assets valued at €1 billion to Dutch asset owner manager APG Investments. APG, which first invested in the portfolio in 2006, plans on buying out partnership interests in the portfolio held by other investors. French multinational insurance firm AXA SA will retain its stake as a co-owner of the portfolio alongside APG, with Ardian staying on as asset manager and advisor. The transaction remains subject to regulatory approval.

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Tribal Council Approves Cherokee Nation Sovereign Wealth Fund Act

Tahlequah, Oklahoma-based Cherokee Nation Tribal Council approved the creation of the Cherokee Nation Sovereign Wealth Fund Act to establish a fund to ensure the continuation of tribal operations and the general welfare of tribal citizens.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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