Update 2 | Tsipras sworn in as Greek PM after massive Syriza victory

Leftist party Syriza storms to Greek electoral victory on pledge to end austerity. European People's Party criticises Tsipras' 'electoral lies'

Alexis Tsipras has been sworn in as the new Greek Prime Minister after his Syriza party swept to victory in Sunday’s general elections.

“We must expedite procedures as we face an uphill struggle,” Tsipras said as he was sworn in by Greek President Karolos Papoulias at Maximos Mansion. “I will give my all to protect the interests of the Greek people.”

While Tsipras took an oath of honour and conscience, he did not take a religious oath, the first time a Greek politician has not sworn to the holy cross, as Christian Orthodox custom dictates.

Tsipras, the youngest Greek Prime Minister in history, has often insisted that he doesn’t like adhering to social conventions or Christian Orthodox customs. He is not married to his partner of over 20 years and has not baptized either of his two sons.

In another break from tradition, he didn’t wear a tie when being sworn in as Prime Minister. He has said that he won’t wear one until Greece has reached a debt reduction deal. 

Tsipras’ first act as Prime Minister was to lay flowers at the National Resistance Memorial at Kaisariani, a suburb in Athens where hundreds of communist national resistance fighters were executed by the Nazis during the Second World War.

In yet another departure with tradition, outgoing Prime Minister Antonis Samaras did not hand over his office to Tsipras personally. 

Syriza, also known as the Coalition of the Radical Left, placed first in the Greek elections, with 36.34% of the vote, way ahead of Samaras' New Democracy who finished second with 27.81%. Syriza won 149 parliamentary seats, just two short of an absolute majority. They have therefore formed a coaltion with the right-wing Greek Independents. 

For the first time since the foundation of the modern Greek state nearly 200 years ago, radical leftists will lead Greece into a battle with the EU’s so-called troika to reverse the deeply unpopular “memoranda”, agreed with foreign lenders to keep insolvent Greece afloat.

“The future has already begun,” Syriza leader Alexis Tsipras told reporters. “You should be optimistic and happy.”

After six years of recession, Greece is showing the first signs of recovery, posting a primary surplus – before interest payments on its mountain of debt – but with bailout funds guaranteed to the end of February, the spectre of Greece defaulting on its loans has been revived.

Athens faces debt repayments of up to €20bn (£15.6bn) in 2015.

On Monday the Greek finance minister, Gikas Hardouvelis, said local banks had enough funds to survive until March but unless further financial assistance was agreed they would enter into the uncharted waters of non-liquidity after that. This makes an effectively rudderless Athens in the run-up to elections on 25 January more daunting for the “troika” of creditors at the EU, ECB and IMF.

Syriza has pledged to renegotiate the bailout accords that have propped up the economy to the tune of €240bn.

Tsipras, who turned 40 this year, gas promised instant debt relief, food relief and provision of homes and electricity for Greeks hardest hit by belt-tightening.

His popularity reflects intensifying economic and social frustrations among Greek citizens, including the perception that their long sacrifice hasn't yielded any meaningful gains.

But renegotiating the terms of the bailout has led to concerns that Greece could exit the euro zone. A so-called Grexit would entail the return of a national currency to replace the euro, losing access to European Central Bank financing windows and, most probably, less financial support from the European Union and the International Monetary Fund.

It would also raise doubts about some other countries in the region, leading to a repricing of individual and collective risk factors.

To reduce the risk, Tsipras would need to assure markets that the relaxation of austerity would be accompanied by a big push on structural reforms, that the alleviation of the debt burden would be pursued in an orderly and negotiated manner, and that he is willing to engage in constructive discussions with Germany and other European partners. 

‘Tsipras’ promises nothing but electoral lies’

In a statement, the European People’s Party criticised the electoral results.

“It is disappointing to see that the right and honest path chosen by Prime Minister Samaras for Greece was not acknowledge,” EPP Chairman Manfred Weber said. “The reform path is bearing fruit and needs to be continued.

“Soon it will become clear that the promises given to the Greek people by Syriza candidate Tsipras are nothing but electoral lies. European taxpayers will not be ready to pay for Tsipras’ empty promises.”

He said that Europe will show solidarity with Greece if the debt-stricken country respects and fulfils all their commitments. 

‘EU committed to supporting Greek economic recovery’

The European Union has stood by Greece from the first day of its crisis and is committed to continue supporting it on its road to economic recovery, European Council President Donald Tusk said.

“I look forward

“I look forward to working closely together with the new Prime Minister of Greece, and I look forward to welcoming him at the informal meeting of EU Heads of State or Government in Brussels on 12 February,” Tusk said.