Posted May 15, 2018 07:14:03 Greek Prime Minister Alexis Tsipras announced on Tuesday that he will step down in September, ending his 13-year tenure.
The announcement was widely expected after weeks of uncertainty following the surprise election of a new government in November.
The new government’s mandate is due to be confirmed on May 31, and it has been widely expected that Tsipris will leave office on a high.
Tsiprinos approval ratings have plunged, with only 35% of Greeks voting in the election, which came a month after the Greek military ousted the country’s longtime leader, former Prime Minister Antonis Samaras, who led the country through economic recession and the worst banking crisis since World War II.
Despite the countrys recent economic difficulties, Tsipros popularity has been steadily rising.
The New Democracy party, which Tsipiras led for 13 years, was the most popular party among Greeks and received around 70% of the vote.
While Syriza, the country´s largest opposition party, did not win a single seat in the parliament, it won some seats in the regions and even some in the city of Samos.
In recent weeks, some observers have suggested that the party could lose seats in upcoming elections.
In the past few days, Tsips new partner, conservative politician Dimitris Vardas, also announced that he is leaving the Syriza party.
While the announcement has created some excitement, many are skeptical that the next government will be able to fulfill its ambitious agenda.
As Greece has already experienced a severe economic recession, the new government is expected to focus on restructuring the economy.
The countrys budget deficit, already high at 5% of gross domestic product, is projected to reach 7.5% of GDP this year, and many fear that it could be even higher.
If the economy is to grow again, Tsapras will have to do a lot more.
Greece is facing an extremely severe economic crisis, but its government is still attempting to balance the budget, which is expected in 2020.
The latest Greek government projections suggest that Greece´s economy will contract by 7.6% in 2019 and by 2.2% in 2020, which will be the highest in the eurozone.
Greece also has a large backlog of debts to repay, which could prove a major problem for the new Greek government.
Greece currently faces $70 billion of foreign debt, which has to be repaid before the country will be eligible for EU bailouts.
In addition, Greece´ s bailout agreement with the European Union will expire in 2019, leaving it in an awkward position.
Greece has been under a Greek default emergency since December, but it was a temporary crisis, since it could not borrow the money needed to pay its creditors, and the European Central Bank refused to lend it the money it needed.
In late February, Greece became the second eurozone country to default on its international bond obligations.
This is the largest sovereign default in history.
Greece´ continued default will have huge repercussions for the eurozone, which currently has around $10 trillion of international bondholders, and will further damage Greece´ economy.
Greece may have a chance to restructure its debt, but the new Greece government is unlikely to be able do it.
The next government may also have to rely on the European Monetary Union, which can’t guarantee debt restructuring or bailouts because it is an international body.
In other words, a government that does not take a tough stance on debt repayment will have no leverage to do so.
If Greece fails to fulfill these promises, Greece may be forced to leave the euro.
The Greek government will have a difficult time finding any other creditor for its debt.
If there is a default, the Greek government may be in trouble.
Syriza is currently the largest opposition political party, with a significant number of Syriza members voting in parliament.
However, the party has not yet secured any seats in Greece´ parliament.
The Syriza leader, Antonis Panagiotis, is expected not to seek re-election in 2019.
The former Syriza prime minister, Yannis Mouzalas, is also expected to not run for re-office in 2019 as well.
If Syriza does not get a seat in parliament, its future looks bleak.
With Greece´ debt crisis having led to the country being the largest in the euro area, Syriza has been the only party that has been willing to put forward a plan for debt restructuring.
Tsips Syriza government may need the support of European institutions to fulfill his promises.
In fact, Syrias proposed reforms that would greatly improve Greece´ economic prospects.
Syrias plan to reform Greece´ social safety net is an example of what many would call a “grand bargain” or “reform” of the European union.
Syrios proposals would significantly reduce Greece´ unemployment rate, which had previously been over 10% during the crisis.
Syris plan also aims to make Greece more competitive in the global market. While Ts