Alexis Tsipras resigns and calls September snap election !!!!!!!!!!!
Embattled prime minister will stand down after losing backing from his MPs over Greece's punishing new bail-out agreement ... The rumour mill is well under way, with talk suggesting that speaker of the Greek parliament Zoe Constantopoulou will join a breakaway Leftist faction. Ms Constantopoulou has been a constant thorn in the side of the PM, and is one of the most vocal critics of the new bail-out deal in the government. However, former minister Yanis Varoufakis - who is not affiliated with the Left Platform - is likely to stick by his prime minister and current finance chief Euclid Tsakolotos. An election will create more political uncertainty, delay economic recovery and impede reform implementation. However, it appears to be unavoidable if Greece is to have a government committed to implementing the bail-out agreement. An election will give Mr Tsipras the opportunity to secure a mandate for the reform programme and remove troublesome left-wingers from parliament. Under Greek electoral law, if an election is held within 18 months of the previous poll, the order in which candidates are listed on ballots is also the order in which they are elected, and that order is set by the party leader. The mind-boggling scope of the reforms in the new agreement, which extend into virtually every area of the economy and polity, exceed anything visited upon even the post-communist states of eastern Europe. The referendum result of 5 July, in which 61pc of voters rejected austerity measures demanded by Greece's creditors, revealed that there is a large body of opinion that is prepared to countenance a break with the euro. In coming months and years, support for remaining within the euro zone "at all costs" will diminish significantly.
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