Five Bullets


• Tsipras obtained a convincing margin of victory over New Democracy, just shy of an absolute majority.

• The election results look set to replicate the composition of the Greek parliament that was in place before this election. In other words, no “grand coalition” seems forthcoming.

• Syriza's radical left wing failed in the polls. Their departure should bolster Tspras’ confidence over holding together the coalition and maintaining a majority.

• Syriza's electoral platform includes the option to keep Greece in the euro. However, the results provide a foundation upon which Syriza can continue to challenge significant parts of the program.

• Although meeting the October timeline for a positive first program review will be a big challenge, enough progress will be made to allow loan restructuring by euro area countries within six months.

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