Greece's Prime Minister Antonis Samaras votes during the third round of voting to elect a new Greek president at the Parliament in Athens on yesterday. Greece will hold an early general elections after parliament failed to elect a new president in a third and final round of voting.
Greece’s Prime Minister Antonis Samaras
votes during the third round of voting to elect a new Greek president at
the Parliament in Athens on yesterday. Greece will hold an early
general elections after parliament failed to elect a new president in a
third and final round of voting.

Greece will face a snap general election next month after MPs failed
to elect a president in the final round of voting yesterday, prompting
alarm in Athens’ financial market and the eurozone over the country’s
commitment to its bailout terms.
With only 168 MPs in favour, the
coalition government’s candidate, former EU commissioner Stavros Dimas,
fell short by 12 votes, automatically triggering the dissolution of
parliament.
“We did everything in our power for parliament to
elect a president and avoid early elections, which are surrounded by
serious dangers,” the Prime Minister, Antonis Samaras, said after the
vote.
The conservative leader said he would seek a general election on 25 January. “There is no time to waste,” he said.

As the broke, markets in Greece fell by 11 per cent,
although they later closed at 3.9 per cent, stoked by prospects of fresh
political instability and expectations of a left-wing win at the
election.
All polls suggest that the Syriza party, a Greek
acronym for “Radical coalition of the left”, is likely to be in a
position to seek a coalition government. Syriza’s leadership has
repeatedly said they will renegotiate the country’s bailout agreement,
cancel half of the country’s debt pile and put an end to austerity.
http://www.jokpeme.com/2014/12/greece-will-hold-early-general.html
Alexis
Tsipras, center, leader of the main opposition left-wing Syriza party
smiles after the third round of voting to elect a new Greek president at
the Parliament in Athens on Monday. Photo / AP

“Today is a
historic day,” Alexis Tsipras, the party’s chief said as he walked out
of parliament on Monday. “A new future has begun, be optimistic and
happy.”
Following a six-year recession and a slew of spending
cuts, the Greek economy has recently seen growth, but with a quarter of
the country’s GDP wiped out in just a few years, the marks of austerity
are still visible.
Greece has borrowed more than NZ$370bn in loans from the EU and IMF, which have in turn imposed harsh measures and reforms.
European
officials have recently praised Athens for its fiscal adjustment
efforts and fear that having Syriza in power could be a setback.
“A
strong commitment to Europe and broad support among the Greek voters
and political leaders for the necessary growth-friendly reform process
will be essential for Greece to thrive again within the euro area,” said
European Economic Affairs Commissioner Pierre Moscovici yesterday.
Investors fear that a Syriza win could mean a move away from the terms of the bailout deal.
“The
problem with Syriza is that their politics aren’t clear: will they
reach a compromise or clash with international creditors?” asked
Nikolaos Skourias, senior economist at Iniohos Advisory Services. “The
issue isn’t austerity but Greece’s reform drive… markets essentially
don’t know and they’re more scared if Syriza implements its most radical
policies.”
Among its proposed policies, Syriza has said it will
nationalise Greece’s banks, restore the minimum wage and abolish recent
labour reforms.Greece’s political turbulence comes shortly after Premier
Samaras negotiated a two-month extension to the bailout.
International
inspectors are scheduled to return to Athens in a month’s time to wrap
up a review set to unlock NZ$10bn worth of loans. Failure to do so could
lead to shortfalls.