Greece elections: Clear mandate holds the key on $96-bn bailout package

Greece is set for elections on 20 September this year. Judge Vassiliki Thanou is the care taker Prime Minister till the new government is formed. Thanou was sworn in on last Friday and became the first female Prime Minister for Greece.

She replaced Alexis Tsipras, who resigned last week over the economic crisis and euro86-bn bailout package issue. The timing of elections is giving jitters to both the Alexis Tsipras of Syriza Party and main opposition leader Evangelos Meimarakis of New Democracy Party.

The current turbulent situation in the Greece economy and ongoing elections campaigns are making everyone nervous over the outcome of the elections. If it doesn't lead to a soft transition to form a new government with an absolute majority, the ailing Greece will not be in a position to become eligible for euro 86-bn bailout support.

Greece voters are gearing up to cast their votes for the fifth time in the past six years. Economy crisis and bailout package were the major focus points during the last election held in January 2015. Alexis Tsipras campaigned on an anti-austerity platform and became Prime Minister of Greece.

He also secured public support for his word 'No' for a bailout package in a referendum in July. Subsequently, Tsipras led the Greece government to make an agreement with creditors on 12 July. Some of his colleagues in his Left party Syriza turned against Tsipras over his decision.

This makes a near impossible situation for Tsipras to get majority approval in the Greek Parliament. Unless Tsipras gets full majority, he can't go for bailout package to repair the ailing Greek economy.

Eurozone policymakers, officials, investors, people all sections across the Europe and world have turned keen on the prospects of elections as Tsipras opted for elections as he wanted to renew his mandate with Greeks following the deal with Brussels.

Riding the wave of popular anger over austerity, Tsipras made it to become Prime Minister of Greece in January is again seeking people's mandatory over the third-round of $96-bn bailout plan.

According to a poll survey conducted by a leftist newspaper Efimerida ton Syntakton, Syriza got only a 3.5 point lead over Conservative New Democracy Party. The survey estimated that 23 percent of voters will support Syriza and 19.5 percent voters are in favor of New Democracy.

The anti-bailout plan supporters in the leftist party Syriza raised their voice against Tsipras and that formally reduced his Parliamentary majority. Tsipras rather than going to win confidence vote, opted for a fresh mandate from the people of his country.

Feeling the heat of uncertainty resulting from political disturbance, stock markets too tumbled last week. Tsipras' decision to go for fresh elections has again intensified the political platform, which has been largely divided over the talks on third-round bailout package on how to bring the ailing economy out of the crisis.
Tsipras said in Syriza newspaper Avgi: "The great election battle begins. The Greek people will give a strong mandate for the present and the future. Greece can't turn back and will not turn back. It will only go forward."

With already entering a recessionary phase, Tsipras is planning to bring back Greek economy onto the tracks once he gets a clear majority in the Parliament enabling him to take key decisions on the economy.
During the recent past, particularly for the last four months, Greece has been witnessing turbulent situations.

The Greece's talks global creditors in June failed to reach a formal conclusion as the referendum rejected the bailout package. European Central Bank also curtailed its support to Greek banks. This has put the Greece government in a fix as it was forced to impose capital controls on the banks.