Greek PM Submits Resignation, Calls Snap Elections

Greek Prime Minister Alexis Tsipras has tendered his resignation and proposed holding an early election in the crisis-hit country on September 20.

Tsipras said in a nationally televised address on August 20 that the mandate he received in January has been "exhausted" and that the Greek people now "must decide anew."

Before the address, the far-left leader submitted his government's resignation to President Prokopis Pavlopoulos.

Greek stocks and bonds dropped on August 20 as Tsipras met with members of his cabinet in Athens to discuss his next move after the approval of a bailout of 86 billion euros ($96 billion) from the European Stability Mechanism rescue fund.

Tsipras, who was elected in January on an antiausterity platform, last week approved sweeping economic overhauls attached to the bailout at the cost of seeing his Syriza party split, as many opposed the EU-mandated reforms.

A Greek government official said that Tsipras might hold a vote of confidence soon after the August 20 deadline for a debt repayment, a move that could trigger early elections.

Based on reporting by Reuters, Bloomberg, ANA, and AFP