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| Greece crisis: Syriza rebels form new party | |
| (35 minutes later) | |
| Rebels from Greece's governing left-wing Syriza are to break away and form a new party. | Rebels from Greece's governing left-wing Syriza are to break away and form a new party. |
| Prime Minister and Syriza leader Alexis Tsipras stood down on Thursday, paving the way for new elections. | Prime Minister and Syriza leader Alexis Tsipras stood down on Thursday, paving the way for new elections. |
| The move came after he lost the support of many of his own MPs in a vote on the country's new bailout with European creditors earlier this month. | The move came after he lost the support of many of his own MPs in a vote on the country's new bailout with European creditors earlier this month. |
| Greek media reports say 25 rebel Syriza MPs will join the new party, called Laiki Enotita (Popular Unity). | Greek media reports say 25 rebel Syriza MPs will join the new party, called Laiki Enotita (Popular Unity). |
| The party will be led by former energy minister Panagiotis Lafazanis, who was strongly opposed to the bailout deal. | |
| At a press conference in Athens, Mr Lafazanis said he was ready to respect the result of a referendum held in July, in which 61% of Greeks said they would not support the terms of the bailout. | At a press conference in Athens, Mr Lafazanis said he was ready to respect the result of a referendum held in July, in which 61% of Greeks said they would not support the terms of the bailout. |
| "If it is necessary for us to cancel the memorandum, we will follow the course of exiting the euro," he is quoted by Kathimerini newspaper as saying. | "If it is necessary for us to cancel the memorandum, we will follow the course of exiting the euro," he is quoted by Kathimerini newspaper as saying. |
| 'Eurozone dictatorship' | 'Eurozone dictatorship' |
| Syriza won 149 seats in Greece's 300-seat parliament in the last election in January. | Syriza won 149 seats in Greece's 300-seat parliament in the last election in January. |
| The conservative New Democracy party came second, with 76 seats. | The conservative New Democracy party came second, with 76 seats. |
| The new Popular Unity party becomes the third largest in parliament. | The new Popular Unity party becomes the third largest in parliament. |
| In exchange for a new €86bn ($95bn; £61bn) from European partners, Mr Tsipras had to agree to painful state sector cuts, including far-reaching pension reforms - and keep Greece in the eurozone. | In exchange for a new €86bn ($95bn; £61bn) from European partners, Mr Tsipras had to agree to painful state sector cuts, including far-reaching pension reforms - and keep Greece in the eurozone. |
| Close to a third of Syriza's MPs abstained or voted against the terms of the new deal last week. | Close to a third of Syriza's MPs abstained or voted against the terms of the new deal last week. |
| At the time, Mr Lafazanis said he was determined to "smash the eurozone dictatorship". | At the time, Mr Lafazanis said he was determined to "smash the eurozone dictatorship". |
| Syriza split: Key questions | |
| What is Laiki Enotita (Popular Unity)? The new left-wing party has 25 rebel Syriza MPs, who object to Mr Tsipras's acceptance of more austerity. | |
| Its leader, Panagiotis Lafazanis, argues that Greece would be better off leaving the euro and going back to the drachma. | |
| What are Mr Tsipras's chances of re-election? Despite his dramatic policy reversal over austerity - an opinion poll last month gave him a 61% approval rating. | |
| If elections are set for 20 September that deadline gives the new rival left-wing party very little time to organise and rally support to fight Mr Tsipras. | |
| Many observers expect him to be re-elected, with a stronger mandate to push through the reforms demanded by the creditors. | |
| How are people reacting to the latest developments? | |
| Greece's eurozone lenders are being cautious. The chair of the Eurogroup (the eurozone finance ministers), Jeroen Dijsselbloem, said "it's crucial that Greece maintain its commitments to the eurozone". | |
| Voters are also worried. One Athens resident told Reuters: "We will go through a period of insecurity and this is, of course, not the best thing to happen right now." | |
| What next for Greece? | |
| On Friday morning, the head of conservative New Democracy party, Vangelis Meimarakis, met Greece's president and he will now have three days to form a government. | |
| Observers say he does not have enough support and elections will be called. | Observers say he does not have enough support and elections will be called. |
| Reports suggest the election - the fifth in six years - will be called for 20 September. | Reports suggest the election - the fifth in six years - will be called for 20 September. |
| If Mr Meimarakis fails to form a government, the chance will be given to the new party, analysts say, and then the far-right Golden Dawn party. | If Mr Meimarakis fails to form a government, the chance will be given to the new party, analysts say, and then the far-right Golden Dawn party. |
| They, too, are unlikely to be able to gain enough allies to establish a government. | They, too, are unlikely to be able to gain enough allies to establish a government. |
| All parties can waive the right to negotiate and allow the president to approve a snap election. | All parties can waive the right to negotiate and allow the president to approve a snap election. |
| Mr Meimarakis, however, has said he will try and use his mandate to form a government in the next few days. | Mr Meimarakis, however, has said he will try and use his mandate to form a government in the next few days. |
| Dimitris Stratoulis, one of the new members of Popular Unity, told Reuters that his party would also try to use the mandate and put a government together. | Dimitris Stratoulis, one of the new members of Popular Unity, told Reuters that his party would also try to use the mandate and put a government together. |