Greece Back In Crisis As Snap Election Forced

Greece has been plunged back into crisis-mode with the triggering of snap parliamentary elections.

The Athens Stock Exchange was 10% down when it was confirmed that the government of prime minister Antonis Samaras had failed to secure the election of a new president, resulting in early parliamentary elections being called.

Polls currently suggest the radical leftist Syriza party, which wants to renegotiate Greece's bailout agreements and roll back on austerity, will win the contest - prompting the investor flight because of uncertainty over the country's financial future.

The rescue deals - agreed with the EU and International Monetary Fund - prevented Greece defaulting on its debts.

Syriza leader Alexis Tsipras said the elections would herald an end to austerity.

He said: "With the will of our people, in a few days the bailout agreements of austerity will be history."

There was only one candidate for president, former European Commissioner Stavros Dimas, but the government fell 12 votes short of the 180 'super-majority' it needed despite a last-minute appeal by Mr Samaras.

In a televised address after the vote, he said: "Tomorrow I will visit the president and request that elections be held as soon as possible, on 25 January." 

He had previously warned that an election could be "disastrous" while the country is negotiating with its creditors.

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