Greece’s new coalition government wins vote of confidence

PanARMENIAN.Net - Greece’s new Syriza-led coalition government won a parliamentary vote of confidence early Wednesday, Feb 11, following a three-day debate in which the government presented the outlines of its program after national elections two weeks ago, the Wall Street Journal reports.

The vote is considered a procedural step to endorse the government, and the outcome was expected.

The coalition, made up of the leftist Syriza party, along with its junior coalition partner, the right wing, nationalist Independent Greeks, holds a comfortable majority of 162 seats in the 300-seat legislature. The government was backed by all its 162 lawmakers, while 137 deputies voted against it and one wasn’t present.

Although the government holds a secure majority in parliament and has been buoyed by popular support at home, its biggest challenge comes from abroad, where its European creditors remain deeply skeptical of its plans to reverse Greece’s reform and austerity program.

“Greece may be a small country, but we strive to support a united Europe with democracy and solidarity,” Prime Minister Alexis Tsipras told lawmakers ahead of the vote.

“There is no way back for Greece,” Tsipras said, according to the Journal.

The country’s current €240 billion ($271.6 billion) bailout runs out at the end of the month and Greek officials have warned it could run out of money in a matter of weeks unless the country can gain access to additional funds.

In his speech to lawmakers, Tsipras reiterated that Greece would seek a bridge loan from its international creditors, refusing to accept an extension of its current bailout as demanded by European partners.

“We are not going to ask for a bailout extension,” Tsipras said. “Greece asks time and space; the bridge agreement is exactly that.”

Campaigning on an antiausterity platform, Syriza was voted into office in national elections on Jan. 25. Finance Minister Yanis Varoufakis repeated Tuesday that the government is willing to abide with the two-thirds of the reforms contained in the current bailout, but one-third will be suspended or reversed, saying they are “toxic.”

Greece wants its eurozone partners to give it time and financial leeway until August to negotiate a new aid deal, which would then start in September.

To survive until then, Greece is asking for a bridge loan, hoping to get its hands on a €1.9 billion slice from its existing aid program, permission from the European Central Bank to issue more short-term debt, as well as using the €11 billion in leftover funding from the recapitalization of Greek funds.

The Greek premier said that the bridge program doesn’t require fresh funds from the country’s international creditors, but is meant to seek “logical solutions.”

“We do not wish to burden European taxpayers in perpetuity with new loans to Greece,” he added.