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Greek Prime Minister Alexis Tsipras Resigns

Greek Prime Minister Alexis Tsipras resigned in a bid to trigger snap elections and return to power stronger, plunging his country into weeks of political paralysis just as it seemed to have scraped through a summer of fraught bailout talks and near-bankruptcy.

Mr. Tsipras’s gambit, announced in a short televised address late on Thursday, is expected to lead to his re-election in September, thanks to his popularity and the absence of strong challengers. But whether elections bolster his grip on Parliament, as he hopes, hinges on his ability to persuade Greeks that the €86 billion ($96 billion) bailout he negotiated with Europe is the only path out of the country’s long crisis.Greece’s head of state, President Prokopis Pavlopoulos, was expected to accept Mr. Tsipras’s proposal to hold the vote on Sept. 20.
The election will effectively be a referendum on the 41-year-old Mr. Tsipras and his bailout agreement with the rest of the eurozone.The deal commits Greece to further years of stringent economic retrenchment, including tax increases and cuts to pension entitlements. Greeks elected Mr. Tsipras and his left-wing Syriza party only in January this year to put an end to five years of unpopular austerity measures, which the country’s creditors demanded in exchange for bailout loans.Greece and its international creditors reached agreement on the terms of the country’s new bailout program, which if ratified by other eurozone countries could unlock essential financing over the next three years. Charles Forelle has the details.
Mr. Tsipras’s acceptance in July of creditors’ policy demands followed months of diplomatic confrontation. The standoff ultimately led to Greece defaulting on its debts to the International Monetary Fund and imposing capital controls, further battering Greece’s depressed economy.
The premier’s U-turn has split Syriza. Dozens of his lawmakers have withheld support for legislation needed to clinch the bailout package. Mr. Tsipras has had to rely on the votes of opposition parties, but they have warned they won’t prop him up for long.
In his address, Mr. Tsipras admitted the talks with creditors had been tough, and the results not what he had hoped. “We gained considerable ground without that meaning that we achieved what we, and the Greek people, wanted,” he said. “Now that the difficult cycle has reached its end…I feel the deep ethical and political obligation to put to your judgment all I have done.”

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