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Greek elections live: Brussels demands leadership and blasts Tsipras's 'strange' coalition Greek elections live: Brussels demands leadership and blasts Tsipras's 'strange' coalition
(35 minutes later)
4.21pm BST16:21
#Tsipras walking to the President's Mansion. He seems determined alright #GreekElections #Greece @BILD pic.twitter.com/qjzBYop9Sf
4.17pm BST16:174.17pm BST16:17
One of the newly elected EK (Centrist Union) MPs is Anastasios Megalomystakas. Which literally means "Rising from The Dead Great Moustache".One of the newly elected EK (Centrist Union) MPs is Anastasios Megalomystakas. Which literally means "Rising from The Dead Great Moustache".
3.50pm BST15:503.50pm BST15:50
Back with Greece, and Alexis Tsipras does not have long to wait to regain his role as prime minister:Back with Greece, and Alexis Tsipras does not have long to wait to regain his role as prime minister:
SYRIZA's Tsipras to be given mandate to form government at 18:00, be sworn in as PM at 20:00 http://t.co/m9JA4a2O1Q pic.twitter.com/K5aLcIhHSPSYRIZA's Tsipras to be given mandate to form government at 18:00, be sworn in as PM at 20:00 http://t.co/m9JA4a2O1Q pic.twitter.com/K5aLcIhHSP
(These are local times).(These are local times).
3.36pm BST15:363.36pm BST15:36
Part of the reason for the rise in US markets could be weak housing figures, which would add to the general feeling that a rate rise this year may not actually materialise. Connor Campbell, financial analyst at Spreadex, said:Part of the reason for the rise in US markets could be weak housing figures, which would add to the general feeling that a rate rise this year may not actually materialise. Connor Campbell, financial analyst at Spreadex, said:
It is debatable whether the miss in US existing home sales, down to 5.31m against the 5.5m expected, helped the US indices with their gains; traditionally in 2015 weak American data has been a boost to the markets, but the violent reaction to the Fed’s decision to keep rates the same last week complicates the bad data/strong Dow relationship that had been so strong this year. Yet it is likely that there has been a slight correction in regards to last Friday’s fall, helping the Dow Jones to tentatively re-cross the 16500 mark.It is debatable whether the miss in US existing home sales, down to 5.31m against the 5.5m expected, helped the US indices with their gains; traditionally in 2015 weak American data has been a boost to the markets, but the violent reaction to the Fed’s decision to keep rates the same last week complicates the bad data/strong Dow relationship that had been so strong this year. Yet it is likely that there has been a slight correction in regards to last Friday’s fall, helping the Dow Jones to tentatively re-cross the 16500 mark.
3.33pm BST15:333.33pm BST15:33
Wall Street rises in early tradingWall Street rises in early trading
A quick look at the markets.A quick look at the markets.
Wall Street has recovered some of the losses it suffered on Friday, following the news that the Federal Reserve had kept interest rates on hold and was concerned about the state of the global economy, particularly China.Wall Street has recovered some of the losses it suffered on Friday, following the news that the Federal Reserve had kept interest rates on hold and was concerned about the state of the global economy, particularly China.
Ahead of a raft of Fed members speaking this week, the Dow Jones Industrial Average is currently nearly 150 points or 0.9% higher.Ahead of a raft of Fed members speaking this week, the Dow Jones Industrial Average is currently nearly 150 points or 0.9% higher.
In Europe the FTSE 100 is up 0.27%, hit by the news that a tie-up between Zurich and RSA Insurance has fallen apart, leaving RSA shares 21% lower.In Europe the FTSE 100 is up 0.27%, hit by the news that a tie-up between Zurich and RSA Insurance has fallen apart, leaving RSA shares 21% lower.
Germany’s Dax is virtually flat, up just 0.06% while France’s Cac has climbed 0.91%.Germany’s Dax is virtually flat, up just 0.06% while France’s Cac has climbed 0.91%.
In Athens, the market is down 0.58% following Alexis Tsipras’ election victory.In Athens, the market is down 0.58% following Alexis Tsipras’ election victory.
3.28pm BST15:283.28pm BST15:28
And here are the final results of the Greek election:And here are the final results of the Greek election:
Here's one to hang on the wall #Greece pic.twitter.com/PPE6s9n07THere's one to hang on the wall #Greece pic.twitter.com/PPE6s9n07T
3.22pm BST15:223.22pm BST15:22
Helena SmithHelena Smith
Is another show down between Athens and Europe on the horizon before the new government is even sworn in? The Independent Greeks party has just issued a withering statement in response to remarks made earlier by the president of the European parliament Martin’s Schulz, reports Helena Smith in Athens.Is another show down between Athens and Europe on the horizon before the new government is even sworn in? The Independent Greeks party has just issued a withering statement in response to remarks made earlier by the president of the European parliament Martin’s Schulz, reports Helena Smith in Athens.
The German has repeatedly said that he (and others) would have preferred Syriza to have teamed up with parties from the centre left such as To Potami. This morning, he admitted calling Tsipras to ask “why he was continuing a coalition with this strange, far-right party.”The German has repeatedly said that he (and others) would have preferred Syriza to have teamed up with parties from the centre left such as To Potami. This morning, he admitted calling Tsipras to ask “why he was continuing a coalition with this strange, far-right party.”
Admonishing Schulz for the intervention, the Independent Greeks have now implied that the European Parliament president is being funded by defence industries!Admonishing Schulz for the intervention, the Independent Greeks have now implied that the European Parliament president is being funded by defence industries!
“Once again we express our sadness at Mr Schulz’s lack of respect for the institution that he serves with his interventions in the internal affairs of a country,” the statement said. “Beyond insulting the Greek people and the party of Independent Greeks, he must, at last, understand that he cannot, without consequence, call any party that doesn’t take commissions from the defence industries that fund him “extreme right.”“Once again we express our sadness at Mr Schulz’s lack of respect for the institution that he serves with his interventions in the internal affairs of a country,” the statement said. “Beyond insulting the Greek people and the party of Independent Greeks, he must, at last, understand that he cannot, without consequence, call any party that doesn’t take commissions from the defence industries that fund him “extreme right.”
The Independent Greeks are conservative, nationalist and have close links with the Greek Orthodox church. Party leader Panos Kammenos once famously put down the failure of Greeks to revolt against austerity to secret mind-altering substances being sprayed over them (by who we do not know).The Independent Greeks are conservative, nationalist and have close links with the Greek Orthodox church. Party leader Panos Kammenos once famously put down the failure of Greeks to revolt against austerity to secret mind-altering substances being sprayed over them (by who we do not know).
The two parties differ on issues ranging from immigration, the state’s contentious relationship with the Church and gay rights (to name but a few) but Syriza cadres, a mixture of Marxists, greens, Maoists and old-style socialists say the alliance between the two went very well during their first term in office.The two parties differ on issues ranging from immigration, the state’s contentious relationship with the Church and gay rights (to name but a few) but Syriza cadres, a mixture of Marxists, greens, Maoists and old-style socialists say the alliance between the two went very well during their first term in office.
3.06pm BST15:063.06pm BST15:06
Summary: Tsipras builds new governmentSummary: Tsipras builds new government
Time for a quick recap of the key pointsTime for a quick recap of the key points
Nick Fletcher will steer you through the next few hours.Nick Fletcher will steer you through the next few hours.
3.04pm BST15:043.04pm BST15:04
Alexis Tsipras and Panos Kammenos are all smiles in Athens today, as they finalise their new government.Alexis Tsipras and Panos Kammenos are all smiles in Athens today, as they finalise their new government.
2.50pm BST14:502.50pm BST14:50
European stock markets have mainly risen today.European stock markets have mainly risen today.
Tsipras’s comprehensive win last night’s has calms fears that another election might be needed this year.Tsipras’s comprehensive win last night’s has calms fears that another election might be needed this year.
As Guy Foster of Brewer Dolphin explains, there is short-term relief, but problems on the horizon.As Guy Foster of Brewer Dolphin explains, there is short-term relief, but problems on the horizon.
Ultimately the return of Tsipras is the safest option in the short run. It means both the government and opposition are committed to ensuring thr terms of the bailout are implemented. (In the long run, however, the unsustainability of Greece’s debt burden is extreme and makes economic porgress incomprehensibly difficult.Ultimately the return of Tsipras is the safest option in the short run. It means both the government and opposition are committed to ensuring thr terms of the bailout are implemented. (In the long run, however, the unsustainability of Greece’s debt burden is extreme and makes economic porgress incomprehensibly difficult.
We expect, therefore, that unless the creditors can find a politically acceptable way of offering debt relief, the Greek crisis will return.We expect, therefore, that unless the creditors can find a politically acceptable way of offering debt relief, the Greek crisis will return.
The German DAX is being dragged back by the scandal that has hit Volkswagen. Its shares have slumped by 20% after it was accused of falsify emissions data.The German DAX is being dragged back by the scandal that has hit Volkswagen. Its shares have slumped by 20% after it was accused of falsify emissions data.
Related: Volkswagen shares plunge after US says carmaker falsified emissions dataRelated: Volkswagen shares plunge after US says carmaker falsified emissions data
Updated at 2.50pm BSTUpdated at 2.50pm BST
2.42pm BST14:422.42pm BST14:42
Here’s a video clip of Tsipras triumphantly claiming victory last night, for those who didn’t catch it at the time.Here’s a video clip of Tsipras triumphantly claiming victory last night, for those who didn’t catch it at the time.
2.30pm BST14:302.30pm BST14:30
Juncker: Greece has no time to loseJuncker: Greece has no time to lose
European Commission president Jean-Claude Juncker has put his summer spat with Alexis Tsipras behind them.European Commission president Jean-Claude Juncker has put his summer spat with Alexis Tsipras behind them.
In his letter of congratulation, Juncker vowed to “stand by Greece” and support the new government as it implements the new measures agreed under the bailout.In his letter of congratulation, Juncker vowed to “stand by Greece” and support the new government as it implements the new measures agreed under the bailout.
Juncker added his voice to those urging Tsipras to deliver reforms quickly, and cited the refugee crisis ahead of the emergency meeting of EU leaders on Wednesday night.Juncker added his voice to those urging Tsipras to deliver reforms quickly, and cited the refugee crisis ahead of the emergency meeting of EU leaders on Wednesday night.
Here’s the letter.Here’s the letter.
You might remember that the pair fell out badly in June, after the Greek PM accused creditors of trying to humiliate his country. The Commission president hit back, saying he felt betrayed by Tsipras’s antics.You might remember that the pair fell out badly in June, after the Greek PM accused creditors of trying to humiliate his country. The Commission president hit back, saying he felt betrayed by Tsipras’s antics.
2.05pm BST14:052.05pm BST14:05
Euclid Tsakalotos expected to keep cabinet placeEuclid Tsakalotos expected to keep cabinet place
Over in Athens officials are saying that it is more than likely the former finance minister Euclid Tsakalotos will be given a cabinet role - but they are keeping mum as to what that position will be.Over in Athens officials are saying that it is more than likely the former finance minister Euclid Tsakalotos will be given a cabinet role - but they are keeping mum as to what that position will be.
Our correspondent Helena Smith reports.Our correspondent Helena Smith reports.
Asked about the rumours that he’s been reappointed as FM, one aid told us:Asked about the rumours that he’s been reappointed as FM, one aid told us:
“I think for sure he will be back but in what position nobody knows,”.“I think for sure he will be back but in what position nobody knows,”.
The Oxford-educated economist has repeatedly said that the bailout accord he signed in July is not the best of agreements. “It is a difficult agreement,” he told Star TV as the first exit polls rolled in revealing that the leftists were heading to victory.The Oxford-educated economist has repeatedly said that the bailout accord he signed in July is not the best of agreements. “It is a difficult agreement,” he told Star TV as the first exit polls rolled in revealing that the leftists were heading to victory.
Tsakalotos is a prominent figure in the dissident faction known as the Group of 53 - Syriza cadres who ideologically share many of the beliefs of the breakaway militant Left Platform but in the name of governance support the more pragmatic stance of those coalesced around Tsipras. He reportedly wavered before standing in the elections.Tsakalotos is a prominent figure in the dissident faction known as the Group of 53 - Syriza cadres who ideologically share many of the beliefs of the breakaway militant Left Platform but in the name of governance support the more pragmatic stance of those coalesced around Tsipras. He reportedly wavered before standing in the elections.
It is likely that the British-trained academic - among the few straight talkers on the Greek political scene - will prefer a different post connected to the economy (and the country’s crucial need for investments) but not necessarily in the hot seat of the finance minister.It is likely that the British-trained academic - among the few straight talkers on the Greek political scene - will prefer a different post connected to the economy (and the country’s crucial need for investments) but not necessarily in the hot seat of the finance minister.
George Chouliarakis, another UK-trained economist - he lectured at Manchester University before going into politics - who has won plaudits heading the ministry in the interim government and would likely retain the position if Tsakalotos doesn’t replace him.George Chouliarakis, another UK-trained economist - he lectured at Manchester University before going into politics - who has won plaudits heading the ministry in the interim government and would likely retain the position if Tsakalotos doesn’t replace him.
1.54pm BST13:541.54pm BST13:54
Fitch: Greek risks still high after Tsipras's victoryFitch: Greek risks still high after Tsipras's victory
Rating agency Fitch has warned that there is still a high risk that Greece’s bailout programme flounders, triggering a new downgrade.Rating agency Fitch has warned that there is still a high risk that Greece’s bailout programme flounders, triggering a new downgrade.
In its first comment on the election, Fitch says:In its first comment on the election, Fitch says:
Greece’s general election looks set to deliver a more cohesive administration with a renewed mandate for the country’s third bailout agreement, slightly reducing risks to programme implementation.Greece’s general election looks set to deliver a more cohesive administration with a renewed mandate for the country’s third bailout agreement, slightly reducing risks to programme implementation.
But the government’s ownership of the programme is likely to remain less than whole-hearted, and its negotiating stance unpredictable.But the government’s ownership of the programme is likely to remain less than whole-hearted, and its negotiating stance unpredictable.
Fitch explains that the first review of the programme, due this autumn, is the most ‘onerous’Fitch explains that the first review of the programme, due this autumn, is the most ‘onerous’
It includes contentious pension and tax reforms and a supplementary budget, but its successful completion would unlock at least modest official-sector debt relief, a key goal for the government.It includes contentious pension and tax reforms and a supplementary budget, but its successful completion would unlock at least modest official-sector debt relief, a key goal for the government.
Fitch is particularly worried that Tsipras’s political rhetoric still contains an anti-austerity element, even though Syriza is committed to implement the programme.Fitch is particularly worried that Tsipras’s political rhetoric still contains an anti-austerity element, even though Syriza is committed to implement the programme.
For example, Tsipras said following Sunday’s vote that Greece can recover from its economic crisis “through tough work,” but that “the Greek people are synonymous with resistance and dignity.”For example, Tsipras said following Sunday’s vote that Greece can recover from its economic crisis “through tough work,” but that “the Greek people are synonymous with resistance and dignity.”
So it will be tricky to rebuild trust between Greece and its creditors, and hard to win domestic political and popular backing for the third bailout.So it will be tricky to rebuild trust between Greece and its creditors, and hard to win domestic political and popular backing for the third bailout.
Fitch had upgraded Greece’s rating to ‘CCC’ from ‘CC’ last month, after its bailout was agreed. But it could act again:Fitch had upgraded Greece’s rating to ‘CCC’ from ‘CC’ last month, after its bailout was agreed. But it could act again:
A repeat of the prolonged breakdown in relations between Greece and its creditors leading to another funding crisis could bring the rating back down.A repeat of the prolonged breakdown in relations between Greece and its creditors leading to another funding crisis could bring the rating back down.
A record of successful programme implementation could lead to an upgrade, as could economic recovery, further primary surpluses, and official-sector debt relief.A record of successful programme implementation could lead to an upgrade, as could economic recovery, further primary surpluses, and official-sector debt relief.
Fitch: Greek election broadly credit neutral, risks still high. #Greece #GreekElections #politics #economyFitch: Greek election broadly credit neutral, risks still high. #Greece #GreekElections #politics #economy
Updated at 1.57pm BSTUpdated at 1.57pm BST
1.41pm BST13:411.41pm BST13:41
Tsipras has also told Syriza officials that the “first big battle” will be the discussions over debt relief.Tsipras has also told Syriza officials that the “first big battle” will be the discussions over debt relief.
Those discussions could start once Greece has passed the first review of its new bailout.Those discussions could start once Greece has passed the first review of its new bailout.
Updated at 1.42pm BSTUpdated at 1.42pm BST
1.37pm BST13:371.37pm BST13:37
Reuters newsflash: Alexis Tsipras has told his party members that the new government’s top priority is to restore stability to the economy, and to the banking system.Reuters newsflash: Alexis Tsipras has told his party members that the new government’s top priority is to restore stability to the economy, and to the banking system.
1.20pm BST13:201.20pm BST13:20
Greek media are reporting that Euclid Tsakalotos has been reappointed as Greece’s finance minister.Greek media are reporting that Euclid Tsakalotos has been reappointed as Greece’s finance minister.
Tsakalotos to return as Greece's finance minister. (Giving the world more time to pronounce his name correctly)Tsakalotos to return as Greece's finance minister. (Giving the world more time to pronounce his name correctly)
Tsakalotos won plaudits for his brief stint in the role over the summer. He was installed after Yanis Varoufakis resigned, and played a key role in negotiating the third bailout deal at a series of eurogroup crisis meetings.Tsakalotos won plaudits for his brief stint in the role over the summer. He was installed after Yanis Varoufakis resigned, and played a key role in negotiating the third bailout deal at a series of eurogroup crisis meetings.
So it could be a popular appointment with the markets.So it could be a popular appointment with the markets.
#Greece's 5y default probability drops below 60% as Euclid Tsakalotos to be #Greece's FinMin again, DJ reports. pic.twitter.com/qyIjyMa2S0#Greece's 5y default probability drops below 60% as Euclid Tsakalotos to be #Greece's FinMin again, DJ reports. pic.twitter.com/qyIjyMa2S0
Updated at 1.21pm BSTUpdated at 1.21pm BST
1.03pm BST13:031.03pm BST13:03
Tsipras meeting with Independent Greeks leader nowTsipras meeting with Independent Greeks leader now
Helena SmithHelena Smith
Over in Athens Alexis Tsipras’ office has announced that the leftist Syriza leader is about hold a meeting his new comrade in arms, Panos Kammenos, our correspondent Helena Smith.Over in Athens Alexis Tsipras’ office has announced that the leftist Syriza leader is about hold a meeting his new comrade in arms, Panos Kammenos, our correspondent Helena Smith.
Tsipras will meet the Independent Greeks party leader at Syriza’s party HQ in Athens form 3pm local time (ie now).Tsipras will meet the Independent Greeks party leader at Syriza’s party HQ in Athens form 3pm local time (ie now).
The new cabinet make-up is expected to be discussed.The new cabinet make-up is expected to be discussed.
At least two former ministers have told Helena they expect to be re-instated to their old posts. One said:At least two former ministers have told Helena they expect to be re-instated to their old posts. One said:
“Our plan is to change everything. To turn everything in the public administration around to get it working efficently.”“Our plan is to change everything. To turn everything in the public administration around to get it working efficently.”
12.56pm BST12:5612.56pm BST12:56
Martin Schulz’s criticism of Tsipras’s coalition partner hasn’t pleased some citizens in Greece, who feel the European Parliament chief has no business interfering in national politics:Martin Schulz’s criticism of Tsipras’s coalition partner hasn’t pleased some citizens in Greece, who feel the European Parliament chief has no business interfering in national politics:
From Pireas @aprositicat says:From Pireas @aprositicat says:
@graemewearden We know that Schulz prefered #to_Potami He has his reasons,we suspect,but he has no business to interfere. Enough is enough@graemewearden We know that Schulz prefered #to_Potami He has his reasons,we suspect,but he has no business to interfere. Enough is enough
Blog reader James Wilkins of Thessaloniki agrees that Schulz should keep out.Blog reader James Wilkins of Thessaloniki agrees that Schulz should keep out.
Martin Schulz’s intervention about Tsipras’s coalition partner once again shows how little he respects Greece even though he calls himself a friend.Martin Schulz’s intervention about Tsipras’s coalition partner once again shows how little he respects Greece even though he calls himself a friend.
Greece isn’t the only country where coalitions are a reality, he adds:Greece isn’t the only country where coalitions are a reality, he adds:
I always thought the coalition in Germany a bad idea but it is a matter of opinion.I always thought the coalition in Germany a bad idea but it is a matter of opinion.
Updated at 12.56pm BSTUpdated at 12.56pm BST
12.47pm BST12:4712.47pm BST12:47
Golden Dawn, Greece’s extremist party, came third in Sunday’s election.Golden Dawn, Greece’s extremist party, came third in Sunday’s election.
GD grew its share of the vote, from 6.3% in January to 7% this time. It polled well among the unemployed, and those who live on Greek islands hit hard by the refugee crisis.GD grew its share of the vote, from 6.3% in January to 7% this time. It polled well among the unemployed, and those who live on Greek islands hit hard by the refugee crisis.
Our Athens correspondent Helena Smith explains:Our Athens correspondent Helena Smith explains:
In terms of absolute numbers Golden Dawn was the only party to hold its ground,” said Aristides Hatzis, political commentator and Athens University professor. “It was not at all affected by the very high rate of [electoral] abstention. Its performance is a danger and disgrace for our democracy.”In terms of absolute numbers Golden Dawn was the only party to hold its ground,” said Aristides Hatzis, political commentator and Athens University professor. “It was not at all affected by the very high rate of [electoral] abstention. Its performance is a danger and disgrace for our democracy.”
Related: Neo-fascist Greek party takes third place in wave of voter furyRelated: Neo-fascist Greek party takes third place in wave of voter fury
Bloomberg has also looked at GD’s success. Here’s a flavour:Bloomberg has also looked at GD’s success. Here’s a flavour:
“The eastern Aegean islands have many angry voters who feel the massive refugee inflow is destroying them financially largely because of the impact on tourism,” said George Pagoulatos, professor at the Athens University of Economics and Business.“The eastern Aegean islands have many angry voters who feel the massive refugee inflow is destroying them financially largely because of the impact on tourism,” said George Pagoulatos, professor at the Athens University of Economics and Business.
“If the European Union fails to integrate the migrants, that would only raise the popularity and appeal of xenophobic and extreme right-wing parties in Europe.”“If the European Union fails to integrate the migrants, that would only raise the popularity and appeal of xenophobic and extreme right-wing parties in Europe.”
More here:More here:
Greek Election Triumph for Left Masks Gains for the Far RightGreek Election Triumph for Left Masks Gains for the Far Right
Despite the abstinence rate Golden Dawn lost less than 9k voters! It was the only party with no losses in absolute numbers. This is so sad!Despite the abstinence rate Golden Dawn lost less than 9k voters! It was the only party with no losses in absolute numbers. This is so sad!
Updated at 1.10pm BSTUpdated at 1.10pm BST
12.40pm BST12:4012.40pm BST12:40
There’s no shortage of top Brussels politicians with advice for Greece’s leader.There’s no shortage of top Brussels politicians with advice for Greece’s leader.
Valdis Dombrovskis, the European Commissioner responsible for the euro, has called for Alexis Tsipras to get his new government in place fast.Valdis Dombrovskis, the European Commissioner responsible for the euro, has called for Alexis Tsipras to get his new government in place fast.
EU’s Dombrovskis: Greek Coalition Needs To Be Formed Quickly, Commit Itself To Implementation Of ReformsEU’s Dombrovskis: Greek Coalition Needs To Be Formed Quickly, Commit Itself To Implementation Of Reforms
Once those reforms are agreed, debt relief is a possibility, Dombrovskis added.Once those reforms are agreed, debt relief is a possibility, Dombrovskis added.
12.17pm BST12:1712.17pm BST12:17
European Commission spokesman Margaritis Schinas had told reporters that the EC “congratulates Alexis Tsipras for his victory”.European Commission spokesman Margaritis Schinas had told reporters that the EC “congratulates Alexis Tsipras for his victory”.
Schinas then reminded hacks at that Tsipras’s first government committed to an “ambitious programme of reforms”.Schinas then reminded hacks at that Tsipras’s first government committed to an “ambitious programme of reforms”.
“The new government will now have the mandate to carry out those reforms... There is a lot of work ahead and no time to lose.”“The new government will now have the mandate to carry out those reforms... There is a lot of work ahead and no time to lose.”
11.41am BST11:4111.41am BST11:41
11.36am BST11:3611.36am BST11:36
European Commission chief Jean-Claude Juncker has also told Tsipras that it’s time to deliver.European Commission chief Jean-Claude Juncker has also told Tsipras that it’s time to deliver.
.@JunckerEU congratulates @atsipras for his election victory. New gov. will now have mandate to carry out reforms it signed up to. #Greece.@JunckerEU congratulates @atsipras for his election victory. New gov. will now have mandate to carry out reforms it signed up to. #Greece
Updated at 11.37am BSTUpdated at 11.37am BST
11.33am BST11:3311.33am BST11:33
European Parliament chief condemns Greek coalition dealEuropean Parliament chief condemns Greek coalition deal
Ouch. Martin Schulz, head of the European Parliament, has launched a blunt attack on Alexis Tsipras for reforming his coalition with the Independent Greeks.Ouch. Martin Schulz, head of the European Parliament, has launched a blunt attack on Alexis Tsipras for reforming his coalition with the Independent Greeks.
Schulz told France Inter radio that he couldn’t understand why Tsipras would leap back into an alliance with the right-wingers.Schulz told France Inter radio that he couldn’t understand why Tsipras would leap back into an alliance with the right-wingers.
He said:He said:
“I called him (Tsipras) a second time to ask him why he was continuing a coalition with this strange, far-right party.“I called him (Tsipras) a second time to ask him why he was continuing a coalition with this strange, far-right party.
“He pretty much didn’t answer. He is very clever, especially by telephone. He told me things that seemed convincing, but which ultimately in my eyes are a little bizarre.”“He pretty much didn’t answer. He is very clever, especially by telephone. He told me things that seemed convincing, but which ultimately in my eyes are a little bizarre.”
(quote via Reuters)(quote via Reuters)
Political analysts were shocked in January when Syriza and the Independent Greeks first teamed up. The radical left-wing alliance and the populist, nationalist right-wingers appeared unlikely allies, bound only by a joint hatred of austerity and Brussels bailouts.Political analysts were shocked in January when Syriza and the Independent Greeks first teamed up. The radical left-wing alliance and the populist, nationalist right-wingers appeared unlikely allies, bound only by a joint hatred of austerity and Brussels bailouts.
Eurocrats would probably have been happier if Tsipras had paired up with a moderate, pro-EU group like To Potami, or perhaps Pasok, Greece’s mainstream socialist party.Eurocrats would probably have been happier if Tsipras had paired up with a moderate, pro-EU group like To Potami, or perhaps Pasok, Greece’s mainstream socialist party.
Instead, Tsipras is sticking with Panos Kammenos, head of the Independent Greeks.Instead, Tsipras is sticking with Panos Kammenos, head of the Independent Greeks.
Kammenos caused a stir in March when he reportedly threatened to unleash a wave of Syrian migrants across Europe unless Greece’s creditors provided more help.Kammenos caused a stir in March when he reportedly threatened to unleash a wave of Syrian migrants across Europe unless Greece’s creditors provided more help.
11.30am BST11:3011.30am BST11:30
Greek newspapers are hailing the Tsipras Era, after last night’s success.Greek newspapers are hailing the Tsipras Era, after last night’s success.
#Greece Headlines EfSyn: All-Weather Winner TaNea: The Tsipras Era Ethnos: Clear Win for Tsipras pic.twitter.com/Xr28bbfYKj#Greece Headlines EfSyn: All-Weather Winner TaNea: The Tsipras Era Ethnos: Clear Win for Tsipras pic.twitter.com/Xr28bbfYKj
Updated at 11.39am BSTUpdated at 11.39am BST
11.11am BST11:1111.11am BST11:11
UBS, the Swiss bank, has warned that Greece could still leave the single currency in the next year if its latest bailout programme flounders.UBS, the Swiss bank, has warned that Greece could still leave the single currency in the next year if its latest bailout programme flounders.
UBS on Greece: "We maintain our exit risk at 20-30% over the next 12 months."UBS on Greece: "We maintain our exit risk at 20-30% over the next 12 months."
11.02am BST11:0211.02am BST11:02
Vladimir Putin has also congratulated Tsipras.Vladimir Putin has also congratulated Tsipras.
Greek newspaper Kathimerini reports:Greek newspaper Kathimerini reports:
Putin congratulated the Greek leader in a telegram and “expressed hope for the continuation of constructive dialogue and active shared work for the future strengthening of mutually beneficial Russian-Greek cooperation”, the Kremlin said in a statement.Putin congratulated the Greek leader in a telegram and “expressed hope for the continuation of constructive dialogue and active shared work for the future strengthening of mutually beneficial Russian-Greek cooperation”, the Kremlin said in a statement.
Updated at 11.03am BSTUpdated at 11.03am BST
10.57am BST10:5710.57am BST10:57
Tusk urges Tsipras to show leadershipTusk urges Tsipras to show leadership
Donald Tusk, president of the European Council, has urged Alexis Tsipras to work ‘constructively’ with the rest of Europe to tackle Greece’s problems.Donald Tusk, president of the European Council, has urged Alexis Tsipras to work ‘constructively’ with the rest of Europe to tackle Greece’s problems.
He has sent a short letter to Tsipras, in which he congratulates the new PM on winning Sunday’s elections - and pushed him to show proper leadership on issues such as the refugee crisis.He has sent a short letter to Tsipras, in which he congratulates the new PM on winning Sunday’s elections - and pushed him to show proper leadership on issues such as the refugee crisis.
Tusk wrote:Tusk wrote:
Many of the biggest challenges facing the European Union as a whole are the same as those facing Greece as a country, such as the refugee crisis and the creation of sustainable growth and jobs.Many of the biggest challenges facing the European Union as a whole are the same as those facing Greece as a country, such as the refugee crisis and the creation of sustainable growth and jobs.
I trust that Greece, with your new Government will contribute constructively in seeking solutions to all those challenges. Your dedication and leadership in implementing the economic adjustment programme is crucial in order to make a difference in the recovery of the Greek economy.I trust that Greece, with your new Government will contribute constructively in seeking solutions to all those challenges. Your dedication and leadership in implementing the economic adjustment programme is crucial in order to make a difference in the recovery of the Greek economy.
Tusk was a key player in this summer’s Grexit drama, and called the emergency summit in July where the Greek PM capitulated to his creditors’ demands.Tusk was a key player in this summer’s Grexit drama, and called the emergency summit in July where the Greek PM capitulated to his creditors’ demands.
He reportedly barred the door and refused to allow Tsipras and Angela Merkel to leave the room, when negotiations appeared to have floundered for good after a night of drama and deadlock.He reportedly barred the door and refused to allow Tsipras and Angela Merkel to leave the room, when negotiations appeared to have floundered for good after a night of drama and deadlock.
Updated at 10.58am BSTUpdated at 10.58am BST
10.44am BST10:4410.44am BST10:44
There’s no sign of jubilation in Athens this lunchtime, where that nasty storm has driven people dashing for shelter.There’s no sign of jubilation in Athens this lunchtime, where that nasty storm has driven people dashing for shelter.
10.31am BST10:3110.31am BST10:31
Greece is no longer the biggest crisis facing the EU:Greece is no longer the biggest crisis facing the EU:
Eurogroup president @J_Dijsselbloem has cancelled his audience on #Greece in the EP-exp tomorrow- to assist to a debate on migration at homeEurogroup president @J_Dijsselbloem has cancelled his audience on #Greece in the EP-exp tomorrow- to assist to a debate on migration at home
10.28am BST10:2810.28am BST10:28
Günther Oettinger, European Commissioner for energy, has cautioned the new Greek PM that he can’t start backtracking....Günther Oettinger, European Commissioner for energy, has cautioned the new Greek PM that he can’t start backtracking....
EU’s Oettinger Says Greece’s Tsipras Must Deliver On Promises, Stick To Commitments - BBGEU’s Oettinger Says Greece’s Tsipras Must Deliver On Promises, Stick To Commitments - BBG
10.20am BST10:2010.20am BST10:20
The Greek financial crisis could soon rear up again, if Tsipras cannot get to grips with the huge challenges facing the country.The Greek financial crisis could soon rear up again, if Tsipras cannot get to grips with the huge challenges facing the country.
Michael Jacobides, Associate Professor of Strategy and Entrepreneurship, London Business School, explains:Michael Jacobides, Associate Professor of Strategy and Entrepreneurship, London Business School, explains:
The current government will need to both push through deep reforms and run the country at a time when liquidity has evaporated, the migrant issue has become explosive, and when big decisions (including bank recapitalization, dealing with Non Performing Loans) are still ahead.The current government will need to both push through deep reforms and run the country at a time when liquidity has evaporated, the migrant issue has become explosive, and when big decisions (including bank recapitalization, dealing with Non Performing Loans) are still ahead.
If the new government exhibits the same lack of managerial and administrative competence that we saw in the last few months, trouble will soon rise. Early reports on the government composition are worrisome. Early indications suggest there will be few changes to key ministers, despite significant issues with operational efficiency over the last few months. Barring pleasant surprises, Greece may return to the news headlines sooner than we would wish.If the new government exhibits the same lack of managerial and administrative competence that we saw in the last few months, trouble will soon rise. Early reports on the government composition are worrisome. Early indications suggest there will be few changes to key ministers, despite significant issues with operational efficiency over the last few months. Barring pleasant surprises, Greece may return to the news headlines sooner than we would wish.
9.55am BST09:559.55am BST09:55
The head of Spain’s anti-austerity party, Pablo Iglesias of Podemos, has spoken with Tsipras over the phone to offer his congratulations, Ashifa Kassam reports.The head of Spain’s anti-austerity party, Pablo Iglesias of Podemos, has spoken with Tsipras over the phone to offer his congratulations, Ashifa Kassam reports.
On Sunday night, shortly after right-wing New Democracy conceded defeat, Iglesias took to twitter to congratulate Tsipras, saying:On Sunday night, shortly after right-wing New Democracy conceded defeat, Iglesias took to twitter to congratulate Tsipras, saying:
“The Greek are very clearly saying who they want as prime minister. Congratulations @tsipras_eu. Strength, my friend.”“The Greek are very clearly saying who they want as prime minister. Congratulations @tsipras_eu. Strength, my friend.”
Hours later, Iglesias relayed his message to Tsipras in a phone conversation.Hours later, Iglesias relayed his message to Tsipras in a phone conversation.
.@atsipras ya ha recibido la felicitación de @Pablo_Iglesias_ por la victoria del pueblo griego. pic.twitter.com/URLocnmQC0.@atsipras ya ha recibido la felicitación de @Pablo_Iglesias_ por la victoria del pueblo griego. pic.twitter.com/URLocnmQC0
The Greek election divided Spain’s anti-austerity Podemos party, with Iglesias throwing his support behind Tsipras, while others in the party backed Popular Unity.The Greek election divided Spain’s anti-austerity Podemos party, with Iglesias throwing his support behind Tsipras, while others in the party backed Popular Unity.
Last week two elected Podemos politicians from Andalusia, Jesús Rodríguez and Jesús Romero, travelled to Greece to rally behind the breakaway party of anti-austerity MPs. “Supporting Tsipras now is crazy,” Rodríguez told Spanish news site El Diario.Last week two elected Podemos politicians from Andalusia, Jesús Rodríguez and Jesús Romero, travelled to Greece to rally behind the breakaway party of anti-austerity MPs. “Supporting Tsipras now is crazy,” Rodríguez told Spanish news site El Diario.
“Supporting Tsipras will cost us, it’s going to make it tough to win the elections, because what Tsipras did was consolidate the dominant discourse of bipartisanship that there is no alternative, no possibility of change.”“Supporting Tsipras will cost us, it’s going to make it tough to win the elections, because what Tsipras did was consolidate the dominant discourse of bipartisanship that there is no alternative, no possibility of change.”
Updated at 10.34am BSTUpdated at 10.34am BST
9.48am BST09:489.48am BST09:48
Greece's capital flight 'is over'Greece's capital flight 'is over'
Here’s some welcome news - the flow of capital out Greece which began a year ago appears to have ended.Here’s some welcome news - the flow of capital out Greece which began a year ago appears to have ended.
That’s via Mark Whitehouse of Bloomberg View, who calls it a glimmer of hope for Tsipras.That’s via Mark Whitehouse of Bloomberg View, who calls it a glimmer of hope for Tsipras.
Since the government reached a deal with its European creditors in July, people have started bringing money back into the country.Since the government reached a deal with its European creditors in July, people have started bringing money back into the country.
Let’s be clear: The months of negotiations between Greece and its creditors, and the agreement that ensued, are nothing short of a political and economic fiasco. Europe, and particularly Germany, imposed terms that -- though they include some much-deemed reforms -- will stifle growth in the near term and leave the government even deeper in debt, if the country’s leaders can even follow through. Greece’s economy, which had been poised to start recovering, is now expected to shrink through 2016.Let’s be clear: The months of negotiations between Greece and its creditors, and the agreement that ensued, are nothing short of a political and economic fiasco. Europe, and particularly Germany, imposed terms that -- though they include some much-deemed reforms -- will stifle growth in the near term and leave the government even deeper in debt, if the country’s leaders can even follow through. Greece’s economy, which had been poised to start recovering, is now expected to shrink through 2016.
That said, data from the Greek central bank -- which records a liability for every euro that leaves the country’s banking system -- suggest that the end of the standoff has at least brought a bit of relief.That said, data from the Greek central bank -- which records a liability for every euro that leaves the country’s banking system -- suggest that the end of the standoff has at least brought a bit of relief.
Capital flight from #Greece has reversed: @mrkwhths http://t.co/qsJPAWk0RG /via @BV pic.twitter.com/MHNNTEN3y3 /ht @ecoeurope /cc @ecbCapital flight from #Greece has reversed: @mrkwhths http://t.co/qsJPAWk0RG /via @BV pic.twitter.com/MHNNTEN3y3 /ht @ecoeurope /cc @ecb
9.45am BST09:459.45am BST09:45
Politico has a handy list of the key points from yesterday’s poll.Politico has a handy list of the key points from yesterday’s poll.
9.30am BST09:309.30am BST09:30
The Athens stock market has dipped a little this morning, as Syriza’s surprise victory fails to thrill traders.The Athens stock market has dipped a little this morning, as Syriza’s surprise victory fails to thrill traders.
Piraeus Bank was the biggest gainer, up 4%, but Alpha Bank dropped by 3.4%.Piraeus Bank was the biggest gainer, up 4%, but Alpha Bank dropped by 3.4%.
The main ATG index is down 0.5%, and has ebenThe main ATG index is down 0.5%, and has eben
Fund manager Costis Morianos, head of Athens-based Asset Wise Capital Management, says investors had expected Tsipras to get back in.Fund manager Costis Morianos, head of Athens-based Asset Wise Capital Management, says investors had expected Tsipras to get back in.
He said (via Reuters):He said (via Reuters):
“The market had pretty much discounted a Syriza win and there is some profit taking, but prices are attractive.”“The market had pretty much discounted a Syriza win and there is some profit taking, but prices are attractive.”
The market is down 15% so far this year, having recovered from its lows in July.The market is down 15% so far this year, having recovered from its lows in July.
9.12am BST09:129.12am BST09:12
Wolfango Piccoli of Teneo Intelligence is worried that Tsipras and his Independent Greek (Anel) allies lack the skills to reform the country:Wolfango Piccoli of Teneo Intelligence is worried that Tsipras and his Independent Greek (Anel) allies lack the skills to reform the country:
Another SYRIZA-ANEL deal also means that the cabinet will once more be composed of politicians with limited capacity and competence, as demonstrated before.Another SYRIZA-ANEL deal also means that the cabinet will once more be composed of politicians with limited capacity and competence, as demonstrated before.
While the government can most likely continue to rely on mainstream parties for support during key votes, implementing the approved measures will remain challenging.While the government can most likely continue to rely on mainstream parties for support during key votes, implementing the approved measures will remain challenging.
During the election, Tsipras vowed to improve the bailout deal if he was re-elected. And Piccoli fears ructions between Greece and its lenders, if Tsipras doesn’t take full ownership of the measures.During the election, Tsipras vowed to improve the bailout deal if he was re-elected. And Piccoli fears ructions between Greece and its lenders, if Tsipras doesn’t take full ownership of the measures.
Tsipras has been rewarded for presenting himself as a critic of the bailout, and another deal with ANEL indicates that he will not move on this front.Tsipras has been rewarded for presenting himself as a critic of the bailout, and another deal with ANEL indicates that he will not move on this front.
8.59am BST08:598.59am BST08:59
The failure of the anti-austerity Popular Unity party to hit the 3% vote threshold means that most of Greece’s new MPs will support the new bailout deal (officially at least)The failure of the anti-austerity Popular Unity party to hit the 3% vote threshold means that most of Greece’s new MPs will support the new bailout deal (officially at least)
Two clear positives from Greek elections: - stable coalition - 89% of MPs pro-MoU Everyone happy?Two clear positives from Greek elections: - stable coalition - 89% of MPs pro-MoU Everyone happy?
MoU = memorandum of understanding, the measures Greece agreed with its creditors in return for the third loan deal.MoU = memorandum of understanding, the measures Greece agreed with its creditors in return for the third loan deal.
8.54am BST08:548.54am BST08:54
Hopefully the rain, hail and thunder that just struck Athens isn’t an omen.....Hopefully the rain, hail and thunder that just struck Athens isn’t an omen.....
This does not look like the sunny future Syriza promised #ekloges2015_round2 #GreekElections pic.twitter.com/b9oGIN2nBmThis does not look like the sunny future Syriza promised #ekloges2015_round2 #GreekElections pic.twitter.com/b9oGIN2nBm
Updated at 8.54am BSTUpdated at 8.54am BST
8.48am BST08:488.48am BST08:48
Alexis Tsipras’s “surprisingly convincing victory” means that the Greek drama is relegated to the sidelines again, says Marc Ostwald of ADM Investor Services.Alexis Tsipras’s “surprisingly convincing victory” means that the Greek drama is relegated to the sidelines again, says Marc Ostwald of ADM Investor Services.
Syriza’s January election victory was clearly more a function of wanting to get rid of the establishment parties associated with crony capitalism and corruption, rather than vote against “austerity”.Syriza’s January election victory was clearly more a function of wanting to get rid of the establishment parties associated with crony capitalism and corruption, rather than vote against “austerity”.
8.46am BST08:468.46am BST08:46
Greek bonds strengthen after Tsipras winGreek bonds strengthen after Tsipras win
In the bond market, Greece’s sovereign debt is strengthening in value as traders react to the election result.In the bond market, Greece’s sovereign debt is strengthening in value as traders react to the election result.
This has pushed down the yield on Greek two-year debt, from 10.9% to 10.55%. Lower yields mean higher prices, indicating the debt is seen as a safer bet.This has pushed down the yield on Greek two-year debt, from 10.9% to 10.55%. Lower yields mean higher prices, indicating the debt is seen as a safer bet.
8.37am BST08:378.37am BST08:37
Tsipras’s success hasn’t had much impact on the euro, which is trading flat against the US dollar at $1.1313.Tsipras’s success hasn’t had much impact on the euro, which is trading flat against the US dollar at $1.1313.
Simon Smith, chief economist at the currency trader FxPro, explainsSimon Smith, chief economist at the currency trader FxPro, explains
“In the wider picture, it’s not going to make life any easier for the likes of the EU, IMF and European Central Bank and the negotiations surrounding debt sustainability over the coming months.”“In the wider picture, it’s not going to make life any easier for the likes of the EU, IMF and European Central Bank and the negotiations surrounding debt sustainability over the coming months.”
8.28am BST08:288.28am BST08:28
Here’s the result, with just a few tens of thousands of votes still to be counted.Here’s the result, with just a few tens of thousands of votes still to be counted.
8.19am BST08:198.19am BST08:19
Several eurozone politicians have already congratulated Tsipras on his victory, including French president Francois Hollande and eurogroup chief Jeroen Dijsselbloem.Several eurozone politicians have already congratulated Tsipras on his victory, including French president Francois Hollande and eurogroup chief Jeroen Dijsselbloem.
But they may also be concerned that the new Greek government’s majority actually be narrower than the old one.But they may also be concerned that the new Greek government’s majority actually be narrower than the old one.
Robin Bew of the Economist Intelligence Unit predicts more instability.Robin Bew of the Economist Intelligence Unit predicts more instability.
Syriza biggest party in #Greece election, as our team predicted. But coalition with Anel only just over line. Unstable Gov againSyriza biggest party in #Greece election, as our team predicted. But coalition with Anel only just over line. Unstable Gov again
But there’s a big difference this time -- Syriza has shed its most radical element, the Left Platform. They split off to form Popular Unity, but have failed to win enough votes to get into parliament.But there’s a big difference this time -- Syriza has shed its most radical element, the Left Platform. They split off to form Popular Unity, but have failed to win enough votes to get into parliament.
8.07am BST08:078.07am BST08:07
We should remembered that turnout at yesterday’s election hit a record low:We should remembered that turnout at yesterday’s election hit a record low:
Tsipras's personal vindication tempered by fact turnout was just 56.5% & SYRIZA lost about 300k votes since Jan (more than ND) #GreeceTsipras's personal vindication tempered by fact turnout was just 56.5% & SYRIZA lost about 300k votes since Jan (more than ND) #Greece
8.02am BST08:028.02am BST08:02
Tsipras’s new government will have to move quickly to overhaul the Greek economy.Tsipras’s new government will have to move quickly to overhaul the Greek economy.
As my colleague Jon Henley explains, the first review of Greece new cash-for-reforms deal is subject to quarterly reviews, with the first due next month.As my colleague Jon Henley explains, the first review of Greece new cash-for-reforms deal is subject to quarterly reviews, with the first due next month.
The new government’s first task – with a new €3bn tranche of aid at stake – will be to revise the 2015 budget to take into account major pension and income tax reforms. It must also finalise a procedure to recapitalise Greek banks by December and move fast to remove capital controls imposed earlier this summer to prevent a full-blown bank run.The new government’s first task – with a new €3bn tranche of aid at stake – will be to revise the 2015 budget to take into account major pension and income tax reforms. It must also finalise a procedure to recapitalise Greek banks by December and move fast to remove capital controls imposed earlier this summer to prevent a full-blown bank run.
Here’s Jon’s latest dispatch from Athens:Here’s Jon’s latest dispatch from Athens:
Related: Tsipras to form new Greek government after Syriza election triumphRelated: Tsipras to form new Greek government after Syriza election triumph
7.50am BST07:507.50am BST07:50
Introduction: The dust settles in GreeceIntroduction: The dust settles in Greece
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
For most politicians, failing to deliver on your election promises, imposing crippling capital controls, and nearly leading your country out of the euro would have career-limiting consequences.For most politicians, failing to deliver on your election promises, imposing crippling capital controls, and nearly leading your country out of the euro would have career-limiting consequences.
But not for Alexis Tsipras, one of the most remarkable and durable leaders to have graced European politics in recent years.But not for Alexis Tsipras, one of the most remarkable and durable leaders to have graced European politics in recent years.
Sunday’s general election has seen Tsipras gallop back to power, defying prediction and the pollsters again.Sunday’s general election has seen Tsipras gallop back to power, defying prediction and the pollsters again.
Related: Greek election live: Alexis Tsipras celebrates victory - as it happenedRelated: Greek election live: Alexis Tsipras celebrates victory - as it happened
With 99% of the votes counted, Tsipras is guaranteed to have won 145 seats in the Greek parliament.With 99% of the votes counted, Tsipras is guaranteed to have won 145 seats in the Greek parliament.
He’s set to form a second coalition with the Independent Greeks, who have got 10 seats, giving a majority of just 5 in the Greek parliament.He’s set to form a second coalition with the Independent Greeks, who have got 10 seats, giving a majority of just 5 in the Greek parliament.
Alexis Tsipras to be sworn in as PM tonight, new cabinet to take oath tomorrow #greeceAlexis Tsipras to be sworn in as PM tonight, new cabinet to take oath tomorrow #greece
Last night’s celebrations were more muted than in January, given Greece has now signed up to a third bailout, laced with the sort of austerity Tsipras had once promised to consign to history.Last night’s celebrations were more muted than in January, given Greece has now signed up to a third bailout, laced with the sort of austerity Tsipras had once promised to consign to history.
So now, the hard work starts -- the new PM must now implement the measures agreed with Greece’s creditors, from labour market reform to bank recapitalisation.So now, the hard work starts -- the new PM must now implement the measures agreed with Greece’s creditors, from labour market reform to bank recapitalisation.
If you missed yesterday’s action, here’s our latest story:If you missed yesterday’s action, here’s our latest story:
Greek general election: Syriza returns to powerGreek general election: Syriza returns to power
Syriza returns to power in Greek general election http://t.co/APkbs51sEJ @HelenaSmithGDN @graemewearden pic.twitter.com/rx9TRePStKSyriza returns to power in Greek general election http://t.co/APkbs51sEJ @HelenaSmithGDN @graemewearden pic.twitter.com/rx9TRePStK
We’ll be tracking reaction to the Greek vote, and other key events through the day....We’ll be tracking reaction to the Greek vote, and other key events through the day....
Updated at 7.51am BSTUpdated at 7.51am BST