Greece Must Repay Debt, European Officials Say

Election results. Syriza has been forced to form a coalition with another small party that also opposes the austerity program.

The new Greek administration will have to repay the country’s debt, which is ultimately owed to taxpayers in the eurozone, even though talks on a debt maturity extension are possible, European officials said Monday.

Both European Central Bank executive board member Benoît Coeuré and Finnish Prime Minister Alexander Stubb said they wouldn’t write off any loans issued to Greece following the victory in elections on Sunday by radical left party Syriza, led by Alexis Tsipras…

…The European Union’s institutions are eager to talk and cooperate with Greece, he added.

Mr. Tsipras had staked his campaign on resistance to austerity measures that include budget cuts and tax increases demanded in return for a EUR240 billion ($269 billion) bailout.

Greece owes around EUR40 billion to France and EUR60 billion to Germany, Mr. Coeuré said. “The debt is owed to taxpayers, not speculators or financial markets, canceling that debt would be a EUR240 billion gift to Greece,” he said…

More on Tsipras from The Daily Mail:

He has pledged to renegotiate Greece’s €240billion bailout deal – and reverse many of the reforms that EU creditors demanded in exchange for keeping Greece financially afloat since 2010…

…The 40-year-old was sworn in this afternoon, making him the youngest Greek Prime Minister for more than 150 years.

He lives with his partner, Betty Batziana, an electrical and computer engineer, with their two boys – Phoebus and Orpheus – in an apartment block in Kypseli, a modest, working-class area of Athens.

Their youngest son’s middle name is Ernesto – a tribute to Che Guevara, one of Mr Tsipras’s idols.

From The Financial Times:

Syriza promised to provide free electricity and meals for impoverished households and free medical care for the uninsured.

The Syriza leader was sworn in as prime minister by President Karolos Papoulias on Monday afternoon, taking a civil oath as a self-avowed atheist rather than holding a bible, and was given three days to form a government. A party official said the cabinet might be announced on Monday evening.

More coverage: Greece: vote, Golden Dawn third, the black shade stays on

Syriza’s historic win puts Greece on collision course with Europe

What’s the Eurocrats’ real fear? Greece quits and thrives

Syriza stood up to the money men – the UK left must do the same (Guardian)

Three Turks from Syriza party secure parliamentary seats in Greek elections: Three members of the Turkish minority community in Western Thrace have been elected to the Greek parliament, representing the far-left Syriza party that swept the elections on Jan. 25.

While two Greeks of Turkish descent, Mustafa Mustafa and Ayhan Karayusuf, managed to enter parliament from the leftist ranks by earning the most votes in Komotini, another Turkish candidate, Hüsyein Zeybek, won the elections in another Western Thracian province, Xanthi.

Finally, an article from 2010: Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt