Syriza Is Limited in the Promises It Will Be Able to Keep

Desmond Lachman 

The New York Times

JANUARY 27, 2015

Greece’s New Leaders Act Swiftly to Reverse Austerity

Measures to Halt Privatizations, Rehire Public Workers Trigger Greek Market Selloff

The Wall Street Journal

By MATTHEW KARNITSCHNIG and  STELIOS BOURAS

Jan. 28, 2015 5:46 p.m. ET

Greece’s new leaders moved swiftly to reverse the reform course imposed on the country by its creditors, dashing hopes in Europe that the leftist government would soften its approach and triggering a steep selloff in Greek stock and debt markets.

Sanctions Are Now Syriza's Bargaining Chip

JAN 28, 2015 8:47 AM EST

By Leonid Bershidsky

Bloomberg

“…I predict the Greek government will ultimately trade its sanctions vote for debt relief. If so, it will be revealed to be another bunch of cynical horse-trading politicians rather than a force for change, even as Greeks rejoice at seeing their national debt shrink…”

Greece's Crazy Leftists Have a Good Idea

172 JAN 27, 2015 12:01 AM EST

By The Editors

 Bloomberg

Amid the populist rhetoric that propelled the far-left Syriza party to victory in Greece's parliamentary elections, there's one idea that Germany in particular should take to heart: revive growth in the euro area by giving the hardest-hit countries a break on their debts.

Greece Puts Mind Over Money

6 JAN 28, 2015 12:01 AM EST

By Justin Fox

Bloomberg

“…More often than not, though, what makes a person an interesting thinker isn't what makes a good political leader…”

“…To make those things happen, though, he would need to be finance minister of Germany, not Greece…”

Why Europe Will Cave to Greece

45 JAN 28, 2015 1:00 AM EST

By Clive Crook

Bloomberg

A prediction for you: Greece and the European Union will split the difference in their quarrel over debt relief. What's uncertain is how their respective governments will justify the new deal, and how much damage they'll inflict on each other before accepting the inevitable.

EU governments, with Germany in the lead, are saying that debt writedowns are out of the question. Debts are debts. Greece's newly elected leader, Alexis Tsipras, calls the current settlement "fiscal waterboarding" and says his country faces a humanitarian crisis. His government won't pay and wants much of the debt written off. Neither side is willing to give way. 

Το Σύμφωνο Τσίπρα-Καμμένου

ΠΟΛΙΤΙΚΗ 12:45

Πάσχος Μανδραβέλης

Εφημερίδα Καθημερινή

Αν ο κ. Γιώργος Παπανδρέου είχε χιούμορ θα έκανε μια πολύ πιο λιτή δήλωση: «Ανθ’ ημών Πάνος Καμμένος». Το αναφέρουμε, όχι επειδή «Το Κίνημα» θα μπορούσε να είναι ένας λογικός Αριστερός εταίρος του ΣΥΡΙΖΑ, αλλά διότι -αν το καλοσκεφτούμε- και οι «Ανεξάρτητοι Ελληνες» είναι επίσης κόμμα από διάσπαση. Παρ’ όλα αυτά έδειξαν μια αξιοσημείωτη αντοχή. Αυτή είναι η τρίτη εκλογική αναμέτρηση που τους βάζει στη Βουλή. Δεν γνωρίζουμε ποιο κομμάτι της σοφίας του ελληνικού λαού παράγει τέτοιες επιλογές, αλλά το πρόβλημα δεν είναι μόνο αυτό. Ο ιδεολογικός αχταρμάς των ΑΝΕΛ επικονιάζει και ευρύτερους χώρους, με πρώτο αυτόν του ΣΥΡΙΖΑ.

Greece: Think Flows, Not Stocks

 JANUARY 26, 2015 7:26 PM

Paul Krugman

The New York Times

How should we think about the bargaining that may or may not now take place between the new Greek government and the troika? (No bargaining if the troika basically says no concessions.) Most discussion is framed in terms of what happens to the debt. But as both Daniel Davies and James Galbraith point out — with very different de facto value judgments, but never mind for now — at this point Greek debt, measured as a stock, is not a very meaningful number. After all, the great bulk of the debt is now officially held, the interest rate bears little relationship to market prices, and the interest payments come in part out of funds lent by the creditors. In a sense the debt is an accounting fiction; it’s whatever the governments trying to dictate terms to Greece decide to say it is.

This Man Will Make Greece Leave Europe

The victory of Alexis Tsipras and the Syriza party in Greek elections is the stuff that dreams are made of. But economies? Not so much.

By Barbie Latza Nadeau

Syriza’s Post-Election Challenge: An Empty Greek Treasury

Victorious Antiausterity Party Led by Alexis Tsipras Has Limited Time to Strike Deal With Greece’s Creditors

The Wall Street Journal

By MARCUS WALKER

Updated Jan. 25, 2015 8:11 p.m. ET

The clock is ticking for Syriza—the victorious antiausterity party in Greece’s elections—to strike a deal with creditors to keep Greece solvent and in the euro.

Η ανατομία μιας ήττας

ΠΑΣΧΟΣ ΜΑΝΔΡΑΒΕΛΗΣ

ΠΟΛΙΤΙΚΗ 26-1-2015 13:12

Εφημερίδα ΚΑΘΗΜΕΡΙΝΗ

"... η συγκυβέρνηση έτρεφε την ίδια αλλεργία στις μεταρρυθμίσεις και απλώς δεν μπορούσε να το πει δυνατά..."

GLOBAL MARKETS-Far-left victory in Greece bruises European markets

Mon Jan 26, 2015 4:17am EST

Reuters

* Syriza victory in Greece stokes concerns over Europe instability

* ECB QE, hopes for compromise with lenders limit market reaction

* European shares fall, periphery borrowing costs rise

* Euro stabilising after hitting 11-year low

By Marius Zaharia

Despite Initial Tremors, Markets Shake Off Greek Election Results

By DAVID JOLLY and NEIL GOUGHJAN. 25, 2015

The New York Times

PARIS — Financial markets on Monday took in stride the result of Greek parliamentary elections, which handed a decisive victory to the left-wing Syriza party a day earlier.

Syriza and its outspoken leader, Alexis Tsipras, had campaigned against the austerity measures imposed on Greece by its international creditors.

Tsipras Wins and Sets Greece on Collision Course With Euro Partners

By Nikos Chrysoloras and Marcus Bensasson  Jan 26, 2015 9:42 AM GMT+0200

Bloomberg

Greek Prime Minister-elect Alexis Tsipras set up a confrontation with his European peers as he prepared to form a coalition dedicated to ending austerity, saying the era of bowing to international demands for budget cuts is over.

Tsipras issued the challenge to Greece’s euro-area partners after his Syriza party won a historic victory in Sunday’s elections by harnessing a public backlash against years of belt-tightening, job losses and hardship. Tsipras, who is two seats shy of an absolute majority in Greece’s 300-seat chamber according to the latest results from the Interior Ministry, said his priority “will be for Greece and its people to regain their lost dignity.”

U.S. Futures Slip as Euro Fluctuates on Greece; Oil Falls

By Nick Gentle and Yuko Takeo  Jan 26, 2015 8:53 AM GMT+0200

Bloomberg

U.S. equity-index futures slid and Treasuries rallied as the euro fluctuated near a more-than 11-year low after Greek voters handed victory to a party that’s pledged to renegotiate the terms of an international bailout. Asian stocks dropped with crude oil and industrial metals.

Standard & Poor’s 500 Index futures sank 0.6 percent by 3:51 p.m. in Tokyo and the yield on 30-year Treasuries fell to a record. The 19-nation euro dropped to as low as $1.1098, the lowest since September 2003, before gaining 0.1 percent. The MSCI Asia Pacific Index (MXAP) lost 0.3 percent. U.S. crude declined 1.6 percent and nickel slid 2.2 percent in London. China’s yuan headed for its biggest two-day drop since 2008 versus the dollar.

Euro, stocks slip as Greece set to reject austerity

BY HIDEYUKI SANO

TOKYO Mon Jan 26, 2015 1:26am EST

(Reuters) - The euro skidded to an 11-year low and stock prices fell on Monday as Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders.

The euro fell to an 11-year low of $1.1098 EUR= on the vote outcome before recovering to $1.1186, still down 0.2 percent from last week.

Greece votes on whether to dump austerity, take on lenders

BY ANGELIKI KOUTANTOU AND JAMES MACKENZIE

ATHENS Sun Jan 25, 2015 9:58am EST

(Reuters) - Greeks voted on Sunday in an election expected to bring to power the radical leftist Syriza party, which has pledged to take on international lenders and roll back painful austerity measures imposed during years of economic crisis.

Barring a huge upset, Syriza, which has led opinion polls for months, will be the biggest party and aims to form the first euro zone government openly committed to cancelling the austerity terms of its EU and IMF-backed bailout program.

All eyes on Fed, Greece after ECB fires bazooka

BY INGRID MELANDER

PARIS Sun Jan 25, 2015 4:39am EST

(Reuters) - After the surprises from central banks which rocked markets at the start of the year, the U.S. Federal Reserve will be watched as closely as ever this week to see that it doesn't stray from its own policy path.

The atmosphere will already be tense as the fallout from Sunday's snap election in Greece settles and concern has grown in some quarters that central banks, which played such a big part in guiding economies through the financial crisis, are becoming less predictable.

Greece Is About To Make A Leap Into The Unknown

AFP

GUY JACKSON, AFP

JAN. 25, 2015, 12:31 AM

Business Insider

Athens (AFP) - Greece votes Sunday in a snap general election that could bring the radical left Syriza party to power and pose the most severe challenge yet to austerity policies in struggling eurozone countries.

Electing Syriza and their 40-year-old leader Alexis Tsipras would represent a leap into the unknown, but many Greeks appear prepared to take a chance after years of hardship.

Greece: Austerity, Relief or Exit?

9:26 AM EST JAN 23, 2015

By Marcus Walker

The Wall Street Journal

Greece’s elections on Sunday take place against the background of rising tensions between the small nation and its main creditors, eurozone governments and the IMF, about the country’s strict bailout regimen. Polls point to a win for leftwing opposition party Syriza over the ruling conservatives of New Democracy. Would a Syriza-led government start a game of chicken with Germany and other creditors that could lead to havoc and a Greek exit from the euro? Or can a compromise be found? Here’s our crystal ball.

Q: Who will lead the next Greek government?

Very likely Syriza (whose leader, Alexis Tsipras is pictured above), the leftwing opposition party, unless the conservative incumbent, Premier Antonis Samaras, pulls off the biggest upset victory since Harry Truman in 1948. Syriza might win an absolute majority in Parliament, but polls suggest it will fall just short, requiring support from another party. A pact with centrist To Potami (The River) or center-left Pasok could make the government more pragmatic in talks with Greece’s international creditors. A pact with the nationalist Independent Greeks could make it more hardline.