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Greece has been grabbing all the headlines today, after far-left party Syriza swept to victory in the country’s national elections on a promise to renegotiate the terms of its 240 billion-euro bailout.
That policy puts Syriza and its leader Alexis Tsipras on a collision course with Greece’s creditors, including the European Union and the International Monetary Fund, who are adamant that none of its debt will be written off.
The prospect of an impasse between Greece and its international lenders has once again raised the spectre of instability in Europe and even stoked fears of a possible exit from the euro.
The euro currrency fell sharply this morning as a result and equity markets were also hit, though with both sides insisting they want Greece to keep the single currency, the damage wasn’t expected to be lasting.
And fears of contagion spreading across the eurozone have also receded thanks to European Central Bank’s decision last week to embark on large scale quantitative easing.
Some have warned, however, that Syriza’s victory could have more significant ramifications politically, as it could galvanise similar anti-establishment parties elsewhere in the European Union, such as Podemos in Spain and UKIP here in Britain.