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IPFS News Link • European Union

The junior coalition party in Greece's government says NO DEAL

• http://www.businessinsider.com, MIKE BIRD

The deal is a massive climbdown for Tsipras and his radical Syriza party, which was elected in opposition to the existing bailout agreements in January.

The deal offers Greece billions to recapitalise its banks, make debt repayments and reform its economy — but also requires painful austerity, massive privatisation and cuts to its pension system that Syriza's voters don't want. 

It's likely that Syriza can cobble together a new coalition, if necessary, the centrist To Potami party would vote for the deal, as would PASOK, the former centre-left mainstream party, and New Democracy, the centre-right opposition.

Despite the fact that he can still likely pass the deal, being rejected by his electoral allies is a political blow for Tsipras.


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