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Syriza and Independent Greeks agree Greece coalition Greece anti-bailout leader Tsipras made prime minister
(about 2 hours later)
The far-left Syriza party, the winner of Greece's election, has formed an anti-austerity coalition with a right-wing party, the Greek Independents. The head of Greece's far-left Syriza party, Alexis Tsipras, has been sworn in as prime minister and is set to lead an anti-austerity coalition government.
The coalition will have a comfortable majority in the new parliament. Turning up for the ceremony without a tie, the leftist took the oath less than 24 hours after winning the general election on an anti-austerity platform.
Syriza leader Alexis Tsipras has vowed to renegotiate Greece's bailouts, worth €240bn (£179bn; $268bn). Earlier, he formed a coalition with the centre-right Greek Independents.
European Commission head Jean-Claude Juncker congratulated Mr Tsipras while reminding him of the challenge of "ensuring fiscal responsibility". European Commission head Jean-Claude Juncker has reminded him of the need to "ensure fiscal responsibility".
"The European Commission stands ready to continue assisting Greece in achieving these goals," Mr Juncker said in a tweet which also referred to "promoting sustainable jobs and growth". Congratulating Mr Tsipras on his election win, Mr Juncker said in a tweet: "The European Commission stands ready to continue assisting Greece in achieving these goals." He also referred to "promoting sustainable jobs and growth".
The BBC's full coverage of the reaction can be found here.The BBC's full coverage of the reaction can be found here.
The euro recovered from an 11-year low against the US dollar as investors digested what Syriza's victory means for the eurozone's future. The Syriza leader has vowed to renegotiate the bailouts, which are worth €240bn (£179bn; $268bn).
Europe's main share markets also rose - after initial falls - on hopes that a compromise over Greece's bailout terms might be found. Eurozone finance ministers are meeting in Brussels to consider how to deal with the new government in Greece, which replaces the conservative-led coalition headed by Antonis Samaras.
With nearly all of the votes counted in Sunday's poll, Syriza looks set to have 149 seats, just two short of an absolute majority. The Greek Independents are projected to have 13 seats in the 300-seat parliament. The euro recovered from an 11-year low against the US dollar as investors digested what Syriza's victory meant for the eurozone's future. Europe's main share markets also rose - after initial falls - on hopes that a compromise over Greece's bailout terms might be found.
The election result is expected to be one of the main issues at Monday's meeting of 19 eurozone finance ministers. It is likely that investors believe reason will prevail, and Berlin will sanction a write-off of Greece's excessive debts, BBC economics editor Robert Peston reports.
Sunday's result means that a majority of voters in Greece have essentially rejected a core policy for dealing with the eurozone crisis as devised by Brussels and Germany, the BBC's Gavin Hewitt in Athens says. Analysis: Mark Lowen, BBC News, Athens
The troika of lenders that bailed out Greece - the European Union, European Central Bank, and International Monetary Fund - imposed big budgetary cuts and restructuring in return for the bailout money. What unites Greece's new coalition partners is fierce opposition to budget cuts. Alexis Tsipras and Panos Kammenos are anti-bailout to the core, frequently hitting out at the architects of austerity in Berlin and Brussels and pledging a new economic path. But that is where their common ground ends. In other areas, the two are unlikely bedfellows.
But the man tipped to become the new Greek finance minister Yanis Varoufakis, told the BBC the austerity regime had been "fiscal waterboarding policies that have turned Greece into a debt colony". One is a socially liberal leftist, lambasting the "old faces" of Greek politics. The other is a hardline right-winger on issues such as immigration - and has been around in previous governments for some time. So why would Syriza join forces with Independent Greeks?
The economy has shrunk drastically since the 2008 global financial crisis, and increasing unemployment has thrown many Greeks into poverty. Possibly because others refused - or were deemed too soft on the bailout. The River, a new, broadly centrist party which some expected to be the coalition partner, made clear it opposed Syriza's hard rhetoric towards Berlin.
On Sunday, Mr Tsipras told jubilant supporters he wanted to write off half of Greece's debt, but was ready to negotiate "a viable solution" and wants the country to stay in the eurozone. The problem for Mr Tsipras is that many of his own supporters revile Mr Kammenos's conservatism and will be frustrated by the choice. And disappointing his supporters, to whom he has pledged so much, is not something Greece's new prime minister wants to repeat.
Analysis: Chris Morris, BBC News, Athens European press review
Alexis Tsipras says he is willing to negotiate with Greece's European partners. The question is: how much are they prepared to compromise with him?
There are some things during the eurozone crisis that we were told would never happen.
The European Central Bank would never flood the market with new money, and Greece would never take a gamble with the radical left.
The past few days have overturned those assumptions, making this week a potential turning point in the recent history of the European Union.
A turning point for the EU?A turning point for the EU?
Tears of joy at Syriza partyTears of joy at Syriza party
What next?What next?
Peston: Why are markets not panicking? With all of the votes counted in Sunday's poll, Syriza has 149 seats, just two short of an absolute majority. The Greek Independents have 13 seats in the 300-seat parliament.
Arriving for the meeting in Brussels, the chairman of the Eurogroup, Jeroen Dijsselbloem, told reporters: "There is very little support for a write-off in Europe. Sunday's result means that a majority of voters in Greece have essentially rejected a core policy for dealing with the eurozone crisis as devised by Brussels and Germany, the BBC's Gavin Hewitt in Athens says.
"The most important thing is that if you remain in the eurozone you stick to the rules we have." The troika of lenders that bailed out Greece - the European Union, European Central Bank, and International Monetary Fund - imposed big budgetary cuts and restructuring in return for the bailout money.
Mr Dijsselbloem said the possibility of a further extension of the bailout - which runs out at the end of February - was on the agenda of the Eurogroup meeting. But the man tipped to become the new Greek finance minister, Yanis Varoufakis, told the BBC the austerity regime had been "fiscal waterboarding policies that have turned Greece into a debt colony".
German Chancellor Angela Merkel's spokesman also said Greece had to stick to its previous commitments. The economy has shrunk drastically since the 2008 global financial crisis, and increasing unemployment has thrown many Greeks into poverty.
Belgian Finance Minister Johan Van Overtveld was quoted by VRT network as saying that Greece "must respect the rules of monetary union", although he added that there was room for some flexibility. On Sunday, Mr Tsipras told jubilant supporters he wanted to write off half of Greece's debt, but was ready to negotiate "a viable solution" and wanted the country to stay in the eurozone.
UK Chancellor of the Exchequer (finance minister) George Osborne told the BBC Syriza's promises would be "very difficult to deliver, and incompatible with what the eurozone currently demands". Officials gathering in Brussels warned there was little support for a debt write-off.
"The most important thing is that if you remain in the eurozone you stick to the rules we have," said Jeroen Dijsselbloem, the chairman of the Eurogroup (group of eurozone finance ministers).
He added that the possibility of a further extension of the bailout - which runs out at the end of February - was on the agenda.
Italy's EU Affairs Minister Sandro Gozi sounded a more positive note, speaking of "new opportunities to pursue change in Europe to create growth and investment and fight against unemployment".Italy's EU Affairs Minister Sandro Gozi sounded a more positive note, speaking of "new opportunities to pursue change in Europe to create growth and investment and fight against unemployment".
New Greek coalition - allies and dates to watchNew Greek coalition - allies and dates to watch
Who are Syriza?Who are Syriza?
Who's who in Greek politicsWho's who in Greek politics
Are you in Greece? What difference will the election result make? You can share your experiences by emailing haveyoursay@bbc.co.uk. If you would be happy to speak further to a BBC journalist, please include a contact telephone number.Are you in Greece? What difference will the election result make? You can share your experiences by emailing haveyoursay@bbc.co.uk. If you would be happy to speak further to a BBC journalist, please include a contact telephone number.
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