A Hopeful Election in Greece
January 30, 2015
In one of the most hopeful and optimistic elections in Greece’s history, Alexis Tsipras won the title of Prime Minister on Monday, January 26th. He has a massive battle ahead, however, to fulfill his campaign promise of renegotiating the terms of Greece’s bailout.
During a harsh decade of economic struggle and recession, Greek citizens have desperately searched for a leader to pull them out of the fight. The leftist, antibailout Tsipras won the hearts and minds of many, and his Syriza party went on to win decisively in Greek parliamentary elections. This is the first time that the Syriza party has ever won a legislative election, but it seems that a drastic change is exactly what Greece needs to alter its downward course. Greeks are convinced of the potential success in battling their country’s international lenders and bringing about an end to austerity measures (CNN).
Three major recessions impacted Greece in 2007, 2008, and 2010 and the historic European country has yet to recover. Massive bailout plans have been coordinated in the past five years to relieve hundreds of billions of dollars of debt, but several politicians have opposed these ideas. Many bailout options would force Greeks to leave the Euro or to succumb to high interest rates (Athens News Agency). Luckily, bond sales have helped improve the economy, and avoiding a bailout may not be completely detrimental. Since 2012, there has been both a decline in the unemployment rate and, in 2014, a return of positive GDP growth. Due to these improvements, it was possible for the Greece to return to the bond market last year.
Ultimately, Greece has a rough battle ahead, but stability does not seem too far off in the future. The new Prime Minister told his enthusiastic supporters that “We are regaining our lost dignity … So let’s go and let’s all continue this beautiful and tough fight.” He concluded his first speech with a powerful message that will most definitely outline Greece’s future. Tsipras announced that “Greece leaves behind the austerity that ruined it, leaves behind the fear, leaves behind five years of humiliation, and Greece moves forward with optimism and hope and dignity” (CNN).