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Greek MPs' vote triggers snap poll | Greek MPs' vote triggers snap poll |
(about 1 hour later) | |
Greek MPs have rejected the presidential candidate nominated by Prime Minister Antonis Samaras, triggering a snap general election. | Greek MPs have rejected the presidential candidate nominated by Prime Minister Antonis Samaras, triggering a snap general election. |
Stavros Dimas failed to reach the necessary 180 votes, which means that parliament will have to be dissolved. | Stavros Dimas failed to reach the necessary 180 votes, which means that parliament will have to be dissolved. |
Greece's economy has begun to recover after six years of recession. | Greece's economy has begun to recover after six years of recession. |
But Greeks have endured years of austerity and the left-wing Syriza party leading the polls wants the terms of a huge EU-IMF bailout renegotiated. | But Greeks have endured years of austerity and the left-wing Syriza party leading the polls wants the terms of a huge EU-IMF bailout renegotiated. |
The Athens stock market fell 7% as news of the vote sank in, with bank shares among the worst affected. Greek bond yields leapt above 9%, and bond yields also rose in Spain and Italy, two other countries hit hard by the eurozone debt crisis. | |
Shortly after the vote, Mr Samaras announced that elections would take place on 25 January. | |
"The country has no time to waste," he said in a televised address. | |
Mr Dimas, a former European commissioner, secured the votes of only 168 MPs, the same number he had won during the second vote last week. | Mr Dimas, a former European commissioner, secured the votes of only 168 MPs, the same number he had won during the second vote last week. |
The government failed to attract the support of two smaller parties, Independent Greeks and Democratic Left, which it needed to win the vote. | |
The defeat is regarded as a major setback for the prime minister, as well as for eurozone countries that worked hard to bring Greece back from the brink in 2010. | |
Since then €240bn (£188bn; $290bn) has been spent helping Greece pay off its debts. In return for two major bailouts, the EU and IMF demanded stringent austerity measures. | Since then €240bn (£188bn; $290bn) has been spent helping Greece pay off its debts. In return for two major bailouts, the EU and IMF demanded stringent austerity measures. |
German Finance Minister Wolfgang Schaeuble, in an interview on Saturday, praised Greece's progress in tackling its debt crisis. But he warned: "Every new government needs to fulfil the contractual agreements of its predecessors." | German Finance Minister Wolfgang Schaeuble, in an interview on Saturday, praised Greece's progress in tackling its debt crisis. But he warned: "Every new government needs to fulfil the contractual agreements of its predecessors." |
Although Syriza's lead in the opinion polls has been narrowing in recent weeks, there is concern in the markets and among EU officials that a new Greek government could throw out many of the fiscal reforms implemented by Mr Samaras's coalition with the left-of-centre Pasok party. | Although Syriza's lead in the opinion polls has been narrowing in recent weeks, there is concern in the markets and among EU officials that a new Greek government could throw out many of the fiscal reforms implemented by Mr Samaras's coalition with the left-of-centre Pasok party. |
Syriza leader Alexis Tsipras praised the vote as a "historic day for Greek democracy" and Independent Greeks leader Panos Kammenos said the era in which Mr Samaras and his coalition partners had "surrendered" Greece's sovereignty was now over. | |
A party colleague of Mr Samaras, Dora Bakoyiannis, bitterly accused Syriza of forcing the vote at the worst possible moment for the Greek economy. | |
Mr Samaras's fragile coalition government came to power in 2012 and recently held out hope of leaving the stringent measures of the international bailout. | |
However, it was instead forced to secure a two-month extension to the bailout in ordered to secure the release of another €7bn in loans. That loan extension expires in February. |