Syriza's future at stake in Greek referendum

Greece's leftist program under the radical Syriza party is hanging in the balance with the chances of snap elections being called in the aftermath of a 'Yes' vote in Sunday's make-or-break referendum increasingly likely, experts and Syriza members say.

Greek prime minister and the leader of radical left-wing party Syriza, Alexis Tsipras, tabled the national vote on whether to accept the terms of the bailout package proposed by the country's creditors early on Saturday morning after negotiations failed to bear fruit. The increasing likelihood of a 'Grexit' from the Eurozone, in the event of a 'No' vote, has caused global markets to plunge, with Greek banks closed for this week.

However, financial experts and Syriza members believe that the party's future is hanging in the balance as polls indicate that a Yes vote is the most likely outcome of the referendum.

Tom Elliott, international investment strategist for global financial consultancy deVere Group, says that Tsipras has backed himself into a corner by supporting the No vote in the referendum, leaving himself no option but to hold snap elections in the event he does not get this outcome.

"A vote to accept the Eurogroup proposals will be a game changer," he says. "Syriza would have to call elections, since it could not implement the reforms that it has already rejected and will be campaigning against in the referendum."

"The Syriza project - wanting to create a socialist utopia within Greece whilst staying in the Euro - that dream is over," he adds. "The Eurogroup has called their bluff."

Two polls conducted by Greek newspapers following Tsipras' announcement of the referendum showed that the majority of the Greek public would vote Yes in the referendum.

A poll conducted by Alco for the Proto Thema newspaper showed that 57% believed a deal should be made, with 29% against it. A second poll, conducted by Kapa Research, for To Vima newspaper showed that 47.2% were for a deal, with 33% against and 18.4% unsure of how they would vote.

A number of Syriza members, while inclined to back the party's line of supporting No in the referendum, acknowledge it would be very tricky for Tsipras to implement a package which he is opposed to.

"If we assume that there is a Yes vote, it would be difficult politically to implement that agreement for the government, for a number of reasons," says Dr Myrto Tsakatika, a Syriza member and senior lecturer of politics at the University of Glasgow.

"It would be very tough to stomach politically, there would be very serious concerns about whether the government could go and implement this program," she adds.

Another Syriza member, Elli Siapkidou, of the party's London branch, is flying home for the referendum and condemned the proposals offered by the country's creditors. "I'm going to vote No. I don't think people abroad understand the harshness for Greeks," says the 37-year-old.

Following the referendum announcement, European Commission chief Jean-Claude Juncker claimed that Greek proposals to the creditors were "deliberately altered", saying that he felt "betrayed" by Greece in the negotiations.

Athens responded to Juncker with a statement which read: "An essential element in indicating good faith and reliability in negotiations is sincerity."

Greece confirmed today that it will not be able to make the €1.6bn payment to the International Monetary Fund (IMF) it was due to repay tomorrow, the same day that its current bailout agreement expires.

Uncommon Knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

About the writer

Team

To read how Newsweek uses AI as a newsroom tool, Click here.

Newsweek cover
  • Newsweek magazine delivered to your door
  • Newsweek Voices: Diverse audio opinions
  • Enjoy ad-free browsing on Newsweek.com
  • Comment on articles
  • Newsweek app updates on-the-go
Newsweek cover
  • Newsweek Voices: Diverse audio opinions
  • Enjoy ad-free browsing on Newsweek.com
  • Comment on articles
  • Newsweek app updates on-the-go