The calling of a snap election in Greece for January 25 has been met with great concern in political circles, prompted direct interventions by top European officials and alarmed markets and credit rating agencies.
This is all because Syriza, the Greek Coalition of the Radical Left, is being tipped to win the election. It is currently the largest opposition party in the Greek parliament and consistently leads the polls as the vote approaches.
According to the latest polls Syriza’s vote share could stretch anywhere between 36% to 40%, with the centre-right New Democracy trailing by at least three percentage points. Anything above 36% gives Syriza not only an electoral victory but an outright governing majority in the Greek parliament because the winning party is automatically handed a 50-seat bonus in the 300-seat parliament.
Opponents claim that Syriza would renege on Greece’s international obligations if it came to power and that efforts to reform the country would be halted. Political instability would ensue and the eurozone would again be plunged into crisis. Talk of Greece leaving the euro has been particularly prominent of late.