Greek PM to resign, seek snap election in September

20-Aug (Reuters) — Greek Prime Minister Alexis Tsipras will resign on Thursday to pave the way for early elections on Sept. 20, government officials said, hoping to quell a rebellion in his leftist Syriza party and seal support for a bailout program.

Tsipras’s decision to return to the ballot box after seven bruising months in power deepens political uncertainty on the very day Greece began receiving funds under its third bailout program with foreign creditors.

But a snap election should allow Tsipras to capitalize on his popularity with Greek voters before the toughest parts of the program begin to bite, and may allow him to return to power in a stronger position without anti-bailout rebels in his radical left Syriza party to slow him down.

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PG View: Alternatively, the anti-austerity crowd could rally support, given that Tsipras utterly and entirely caved on the promises he made during his last campaign. If that happens, the whole deal could crumble and Greece is right back on the verge of bankruptcy and possible Grexit.