Greece Hands Out a Lesson to Italy
Alexis Tsipras is a cautionary tale for over-promising populists everywhere. No wonder investors are warming to the prospect of change in Athens…
By Ferdinando GiuglianoThe European Parliament elections were meant to mark the high point of populism in Europe. Instead, they may have led to the political demise of its earliest champion: Alexis Tsipras.
Greece’s prime minister, who stunned the continent with a double win in consecutive general elections in 2015, has called a snap vote that will probably be held at the beginning of July. His far left Syriza party, which has dominated Greece’s politics for the past four years, suffered a heavy defeat at the hands of the center right New Democracy. That party, headed by the reform-minded former McKinsey consultant Kyriakos Mitsotakis, won more than 33% percent of the vote, while Syriza only took about 24%. A national election was due toward the end of this year. Tsipras may have concluded that an early vote is the best way to limit the size of an inevitable defeat.