Bloomberg: Tsipras Calls Early Greek Elections to Strengthen Grip on Power

Greek Prime Minister Alexis Tsipras announced he will step down with an eye to snap elections, a move the embattled leader will likely use to shut out dissenters and return to power with a more manageable coalition.

   “Now the Greek people need to have their say,” Tsipras said. “With your vote you will show who can lead Greece on the difficult but promising road ahead of us, and how. With your vote you will judge us all.”

   After his televised speech, Tsipras emerged from his Athens office onto the sidewalk at about 8:50pm local time and walked next door and handed his resignation to the Greek president, Prokopis Pavlopoulos, asking him to set in motion procedures for a swift return to the ballots. A government official earlier said a vote could be held as soon as Sept. 20.

   Though his eight months at the helm of Europe’s most indebted country was beset by turmoil and brought the economy on the brink of ruin, Tsipras used his broadcast to list his achievements, from clinching a new aid package to securing a commitment from euro-area partners to consider debt relief.

   Market response to the announcement was muted. The Standard & Poor’s 500 Index remained down, falling 1.7 percent for the day. Greek bonds fell, sending yields on 10-year notes up 21 basis points to 9.56 percent.

   The prospect of yet another vote, on the heels of a traumatic referendum and the imposition of capital controls, introduces an element of uncertainty just as a bailout of 86 billion euros ($96 billion) was secured.

Πηγή: bloomberg.com