22:22 GMT +316 October 2019
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    Greece's Prime Minister Alexis Tsipras looks at his watch during a parliament session in Athens,

    Greek PM Tsipras Announces Resignation

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    Financial crisis in Greece (197)

    Greek Prime Minister Alexis Tsipras announced his resignation on Thursday to open the possibility of early general elections.

    Alexis Tsipras said that the January 25 mandate he received "had exhausted its limit, and now people should decide anew," adding that he "doubted the agreement with creditors was enough".

    Earlier on Thursday a source in the Greek government told Sputnik the decision to hold an early election was taken after more than 35 legislators voted against the third international bailout package. 

    By June 22, the Greek Government was forced to pass laws to fundamentally tighten Greece's legal and banking system. This was a precondition the troika demanded, because the Greek banking and regulatory system had been in need of reforms for decades. 

    However, Tsipras' party has been split over the conditions and he is under severe pressure at home from many who say he has given in to the hated Troika and has gone against the fundamental principle of his party, which is to fight against the tough austerity measures.

    Many feel that the pension and tax reforms that Tsipras signed up to are too much and that other reforms — including shops opening on Sundays, longer opening hours, changes to pharmacy ownership, new milk and bakery rules and the sale of state assets, including ports and mass privatization — are a step too far.

    His threat of a snap referendum could plunge Greece into another crisis, if the party goes against what Tsipras agreed with the troika in return for a third bailout.

    Financial crisis in Greece (197)


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