Greek Syriza Party Leading in Polls Ahead of Today’s Election
Greek Syriza Party Leading in Polls Ahead of Sunday’s Election… The left-leaning Syriza party looks poised to take control of parliament in Greece.
What it means — As mentioned last week, Alexis Tsipras, the leader of Syriza, has toned down his calls for dramatic change as the elections get closer. But he is still advocating for reversing many of the austerity measures currently in place and reducing the debt that Greece owes to outside lenders.
The Troika of lenders who bailed out Greece — the ECB, the International Monetary Fund (IMF), and the European Commission — have drawn a line in the sand. They demand Greece maintain all austerity measures and make good on their debt. The IMF leader, Christine LaGarde, stated that: “A debt is a debt,” which is just a touch hypocritical since she helped orchestrate Greece’s write down of bonds three years ago, costing private investors hundreds of millions of dollars.
If Syriza wins on Sunday, the question is will Tsipras use the possibility of Greece leaving the euro to extract some reduction in the debt Greece owes. This seems the most likely scenario. The Troika would much rather “assist” Greece by easing repayment terms or reducing their debt outright than create a precedent by which a country leaves the euro.