Syriza Wins Greek Vote of Confidence Election

Syriza Wins Greek Vote of Confidence Election.

The Greek people have spoken.

Following the turmoil in Greece, where Alexis Tsipras had effectively gone against his election mandate to not make further austerity cutbacks in Greece yet then agreeing to do exactly that to agree a further €86 billion bailout with Greece is EU creditors nearly 4 weeks ago, the Syriza party leader called a snap election. Effectively, a "vote of confidence" election.

35.5% of Greek voters decided to retain the Syriza party and as a result Mr Tsipras will remain as the Greek Prime Minister for the next 3.5 years.

This means that the Greek population has chosen to accept significant overhauls to the state pension system as well as spending cuts and increases in overall taxation thereby effectively re-electing Mr Tsipras on a totally different mandate to that which he was originally elected.

We suggest that the Prime Minister has made a shrewd move in pulling together the nation and should provide some stability throughout Europe now where austerity measures for Greece are now accepted giving them a stable platform to try and rebuild the economy whilst avoiding bankruptcy and leaving not just the euro currency of potentially the European Union itself.

That said the news has not impacted on markets in a positive manner given concerns over a global economic slowdown prompted by the two largest economies in the world: China and the United States both desperately trying to avoid a shrinking economy.