The election results in Greece have put an end to prolonged suspense. Syriza has been voted back to power. The Greek electorate has once again reposed its confidence in former Prime Minister Alexis Tsipras who has been the main protagonist of the Greek drama. He has seered the country in its negotiations with creditors. Greek voters have gone for the status quo. The old coalition consisting of Syriza and the right wing Independent Greeks continues to be in power. Tsipras had lost his majority in August and resigned. More than a third of the left Syriza MPs had revolted against the bailout conditions enforcing austerity in the country. These dissidents have been defeated. Tsipras faces daunting challenges. The government has to convince Eurozone creditors that it is fulfilling the bailout terms. The result will be mounting austerity in Greece with further cuts in pensions and wages, doubling the income tax and scrapping fuel subsidies to farmers. Tsipras will also have to work with the EU to recapitalize Greek banks and lift capital controls. More than fifty percent of the State electricity network will have to be privatised.
The development in Greece runs counter to the verdict of 60 percent of the people in the referendum rejecting the bailout. Tsipras had to accept conditions laid down by Germany and France. It meant rejection of Syriza’s original agenda. Now, voters have set their face against the anti austerity move and it will push Syriza towards the centre. Greece has finally opted for business as usual at the cost of sovereignty.
