Article by ForexTime

The euro rose in early Monday trading after results of the Greek elections. Alexis Tsipras’s radical left Syriza party secured a clear victory in Sunday’s general election, the second this year and the country’s fifth election in six years.

Syriza had won more than 35 percent of the vote, which was short of a majority, but the party will form a coalition with the nationalist Independent Greeks. Meanwhile, the Conservative New Democracy won 28 percent of the votes.
In a speech after this win Tsipras said:

“The Greek people have given us a clear mandate to discard whatever kept us stuck in the past,” he said. “It’s a crystal clear mandate to escape from the old, corrupt establishment that governed this country for so many years.”

Tsipras’ first task as re-elected prime minister will be to implement more tough austerity measures demanded by creditors in return for a new €86bn rescue package. He warned there would be no easy exit from the country’s six-year recession.

“We have difficulties ahead, but we’re on solid ground, we have prospects . . . The solution to the crisis won’t come in a magical way but through struggle,” he said.

Article by ForexTime

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