Greek Government Wins Confidence Vote

MP`s of the Syriza party congratulate Greek Prime Minister Alexis Tsipras (L) after the confidence vote at the parliament in Athens, Greece, October 07, 2015. Photo by EPA/BGNES

Greece’s new Syriza-led government won a vote of confidence early on Thursday.

Prime Minister Alexis Tsipras' government was backed by 155 MPs from the left-wing Syriza party and its coalition partner, right-wing nationalist formation Independent Greeks (ANEL), in Greece’s 300-seat parliament, according to reports of The Wall Street Journal.

Tsipras said that he would seek to conclude conclude the recapitalisation of the banks by the end of the year and begin talks on debt restructuring.

In July, Greece agreed to implement the third bailout program agreed with European Union and International Monetary Fund lenders in August.

Under the EUR 86 B bailout program, the country has to introduce tax hikes and public spending cuts and privatize state-owned companies.

The first set of reforms needs to be implemented by October 15, in order to unlock EUR 3 B in bailout aid.

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