ATHENS, Greece, Aug. 20 (UPI) — Greece received its first installment of a bailout Thursday, paid a $3.2 billion bill and prepared for a quick election.
After approval across the Eurozone for its third bailout loan in five years, the first 13 billion Euros ($14.5 billion) of the 86 billion Euro ($96 billion) loan arrived in time for Greece to pay a $3.2 billion Euro ($3.58 billion) debt, due Thursday, to the European Central Bank.
Prime Minister Alexis Tsipras met with cabinet members as speculation rose that a quickly-called election will be scheduled, likely in September, an attempt to maintain power with more authority in light of a revolt over the austerity promises made in exchange for the bailout. Tsipras campaigned in January on a no-austerity platform, but accepted the plan once in office.
Creditors demanded tax increases and spending cuts, and 44 members of Tsipras’ Syriza party in the Greek legislature voted against the bailout demands. The rejection of the bailout by those voting against it means the effective end of his governing majority, Energy Minister Panagiotis Skourletis said in an interview Thursday. A new election would be regarded as a voters’ test of confidence in Tsipras and his party.
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