Currency Analyst since 2010

Greek election: farewell, austerity!

A radical left-wing party Syriza won the snap election in Greece.

With 80% of votes counted, Syriza had 36% versus 28% for Prime Minister Antonis Samaras’ New Democracy.

Outgoing Samaras has already admitted defeat. Syriza’s leader Alexis Tsiprashas vowed to end Greece’s “five years of humiliation and pain” which the nation had to endure after the IMF, the EU and the ECB bailed it out in 2010 saving the nation from bankruptcy. Syriza is planning to reject the austerity policy which was conducted by the previous government under pressure from Brussels and Germany, and write off much of Greece’s 320 billion-euro debt, which at more than 175% of GDP.

Although Syriza aims to stay in the euro area, other members may expel the country out of the monetary union for now fulfilling its obligations.

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