Greek leftist Tsipras sworn in as PM to fight bailout terms
Updated: 2015-01-27 09:40
(Agencies)
|
|||||||||||
"SELF-REINFORCING CRISIS"
Yanis Varoufakis, an economist and outspoken blogger crusading against austerity, was expected to become finance minister when the cabinet is unveiled on Tuesday, senior party officials said.
He wrote on Monday that Greeks had "put an end to a self-reinforcing crisis that produces indignity in Greece and feeds Europe's darkest forces".
Reaction from financial markets to Syriza's victory was largely muted, with the euro recovering from a tumble to an 11-year low against the dollar on initial results. Greek stocks fell 3 percent, led lower by bank stocks including Piraeus Bank which fell 17.6 percent. Greek 10-year bond yields rose but stayed below the levels seen in the run-up to the vote.
For the first time in more than 40 years, neither the New Democracy party nor the centre-left PASOK, the two forces that had dominated Greek politics since the fall of a military junta in 1974, will be in power, beaten by a party that has until recently always been at the fringe.
Together with last week's decision by the ECB to pump billions of euros into the euro zone's flagging economy, Syriza's victory marks a turning point in the long euro zone crisis.
It signals a move away from the budget rigour championed by Germany as the accepted approach to dealing with troubled economies, though it is unclear what concessions Syriza will be able to wring from creditors.
Both IMF head Christine Lagarde, who said the Fund would continue supporting Greece, and the chairman of the eurogroup of euro zone finance ministers, Jeroen Dijsselbloem, said they wanted to work with the new government.
Related Stories
Tsipras sworn in as Greek PM 2015-01-27 07:52
Yuan slides in response to dollar, Greek election 2015-01-27 07:40
Greek leftist leader Tsipras claims victory 2015-01-26 09:11
Greek PM Samaras concedes defeat in snap election 2015-01-26 05:59
Voting begins in Greek general election 2015-01-25 16:00
Modern Greek theater and Europe's future 2015-01-23 08:05
Today's Top News
China's port project in Greece not affected
Royal Mail Chairman Brydon to step down
Trial finds GSK Ebola shot safe, with immune response
Russian Delegation stripped of voting rights at PACE
China and Greece 'willing to continue cooperation'
China hails German leaders' call to remember history
Greece's new govt halts port sale to China
Putin sets government main task of ensuring social stability
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Conca set to return to China |
CES: Spotlight on Chinese gadgets |
Yearender: What happened around the globe in 2014 |
National Memorial Day for Nanjing Massacre victims |
Corrupt female officials spark debate |
Blue skies ready to greet APEC |