Vocabulary: general election (n), coalition (n), right/left-wing (adj), debt (n), to write off (v), compromise (v+n).
The general election held in Greece yesterday was won by Syriza. Syriza is an acronym which stands for “Radical Coalition of the Left”. The party was formed in 2004.
Syriza won the election and have joined the right-wing party Greek Independents to form a coalition government. This new coalition has a comfortable majority to rule the parliament.
The Greek economy is in a very bad condition; there is high unemployment, a lot of poverty and billions of euros of debt. To see exactly how much debt, look here: http://www.nationaldebtclocks.org/debtclock/greece
Syriza has said that it would like to write off half of this debt. This means that half of the debt will disappear and Greece will only need to pay half of the money it owes.
Other countries in the Eurozone are worried about Syriza, the suggestion of writing off debt and the effect that it will have on the single currency.
Syriza has said it would like to continue using the Euro, but not with the same austerity rules. Angela Merkel, the German Chancellor, said that Greece must follow these rules.
If a compromise cannot be found, Greece may leave the Euro. However, at the moment, no one is saying that they would like this to happen. A country has never left the single currency before.
The value of the Euro has increased since the results were revealed. Before the election results, the Euro was at its weakest in 11 years. If a compromise can be reached, this will be extremely good news for the Eurozone and the value of the euro will increase.