It begins? Greece’s Tsipras resigns. What now for latest bailout deal?

It begins? Greece’s Tsipras resigns. What now for latest bailout deal?
Greeks, worried in 2015. (Image via Bloomberg)

[Ed. – Fat lady nowhere near singing on this one.  Miles to go before we sleep.]

Prime Minister Alexis Tsipras resigned on Thursday, hoping to strengthen his hold on power in snap elections after seven months in office in which he fought Greece’s creditors for a better bailout deal but had to cave in.

Tsipras submitted his resignation to President Prokopis Pavlopoulos and asked for the earliest possible election date.

Government officials said the aim was to hold the election on Sept. 20, with Tsipras seeking to crush a rebellion in his leftist Syriza party and seal public support for the bailout program, Greece’s third since 2010, that he negotiated. …

Faced with a near collapse of the Greek financial system which threatened the country’s future in the euro, Tsipras was forced to accept the creditors’ demands for yet more austerity and economic reform – the very policies he had promised to scrap when he was elected in January. …

 

His decision deepens political uncertainty on the day Greece began receiving funds under its 86 billion-euro ($96 billion) bailout program, five years after a previous government took the first bailout from the euro zone and IMF.

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