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IT'S OFFICIAL: NO WINS BY A LANDSLIDE The last ballot paper has just been counted in Greece, and the No campaign have stormed to a dramatic victory. The final result is No: 61.31%, and Yes with 38.69%

Despite unhappiness with his capitulation to European creditors, Tsipras remains in power after snap elections It was a “victory of the people” said Greek Prime Minister Alexis Tsipras as he was swept back to power following a snap general election on Sunday. Despite his failure to rid Greece of the troika as he’d once promised; and instead, dragging the country into a yet another austerity program, Tsipras told a band of over 2,000 Syriza loyalists near Syntagma Square on Sunday night that “justice had been done.”

“I’m very happy with the result—Syriza is the only party that will support the poor people and workers rights; he’s one of the best politicians to renegotiate the memorandum,” said 50-year-old Kostas Dianis. Although a former communist, some critics say Tsipras can no longer claim to represent the far left; not after his capitulation in Brussels earlier this summer when he agreed to a third bailout worth over $95 billion based on the demands of European creditors. “Tsipras is an agent for capitalism; he is not from the left; he is part of the system, and will continue the system, rather than changing it”, said 32-year-old Yannis; a taxi driver who voted for Syriza in January, but this time voted for the Communist party because “they’re the only ones that say what they mean.” And although Tsipras was unable to free Greece from austerity, as he had initially promised, the alternative left—the MP’s that split from Tsipras earlier this summer, provided few viable alternatives to Greek voters.

In comparison to January’s lightning victory for Syriza, and the defiance and righteousness that emerged during the bailout referendum held n July, celebrations were relatively low-key. And no surprise—the government has a mountain of harsh policies to implement, including full reassessment of the welfare system with savings worth 0.5 per cent of GDP, reconstruction of a broken tax collection system and full liberalization of the energy market. Tsipras told the audience that starting on Monday morning he will “fight corruption”—a key strategy plank during the election campaign. Tsipiras lost of some of his strongest comrades in the run up to the election, including the former president of the parliament, Zoe Konstantopoulou who joined several other splitters from Sryiza in a new party called Popular Unity. They were angry about what they saw as Tsipiras’ capitulation to Germany and other creditor nations. But the Prime Minister’s legions of fans remain undeniably behind him. “Tsipras is strong in his game; he’s playing chess and we’re following him”, said 32-year-old Ugur from Athens. “He is a realist, and a leftist; he had to sign the memorandum because we were on the edge and were going to fall over.”

After having launched a Referendum to refute and refuse the debt bailout agreement put together by the Troika, Prime Minister Tsipras together with his newly instated Finance Minister, comes up four days latter with an austerity package broadly similar to the one which was turned down by the Greek government in June. This about-turn had been carefully engineered. The Greek people were misled and deceived. The Referendum was an outright  ”ritual of democracy”.  Tsipras had made a deal with the creditors. He was in favor of accepting the demands of the creditors all along.

The Syriza win in Greece has had everyone from Brussels to Mars wondering about a potential ‘Grexit’ from the euro zone, but there hasn’t been quite as much talk about what having Alexis Tsipras in power means for Russia. Until now. Now that he’s in, the wheels of thought have been turning rather furiously in the anti-Russia, pro-whatever-Washington-wants media circles and the consensus is broadly: Oh, dear. Greece could now turn into a real troublemaker for the European Union and, by extension, the US — and in more ways than one.

If Athens breaks with the Brussels line, watch out for Hungary and Slovakia to possibly do the same.

It’s also worth remembering that only weeks ago, French President Francois Hollande dangled the idea of lifting Russia sanctions if progress could be made in Ukraine. France does not want to “push Russia onto its knees,” he told Bild am Sonntag newspaper in December.

All votes counted, a total of 61.3% of Greeks voted against the terms of agreement with creditors of Greece; 38% voted in favor of the proposed terms. 62.5% of registered voters participated in the referendum, reports the Greek Interior Ministry. 

Donald Tusk, President of the European Council called for an emergency summit of the Eurozone to be held in Brussels on Tuesday July 7, beginning at 18.00 o’clock local time. Tusk’s call for the summit followed previous calls for an emergency summit by Belgian Prime Minister Charles Michel, French President Francois Hollande, German Chancellor Angela Merkel, and EU Parliament President Martin Schulz. The Eurozone foreign ministers are expected to be holding an extraordinary meeting on Monday or early on Tuesday, before the summit.

The euro has plunged to a nine-year low against the dollar on worries that a victory in Greece by the far-left Syriza party in the January 25 election will result in the country's departure from the European Union. The EU currency's value, which dived on Monday to $1.1864, a level last reached back in 2006. was also dented by growing expectations of quantitative easing, or economic stimulus, from the European Central Bank. "Greek problems may spell trouble for the eurozone (and) may impact energy demand out of Western Europe -- especially with press suggesting German politicians are talking about Grexit," said analyst Anthony Cheung.

As usual, the fine print of any European "deal" is revealed not only after the agreement, but after the US market close. So for all those waiting for the real punchline, here it is - it also is the reason why Greece got until Monday to reveal the list of "reforms" it would undertake: "We’re in trouble next week if creditors don’t accept Greece’s reforms", Greek Finance Minister Yanis Varoufakis says. "If our list of reforms is not backed by the institutions, this agreement is dead and buried." That's bad. But... "But it’s not going to be knocked down by the institutions." For his sake, let's hopes he is correct in predicting what the Troika, pardon, Institutions will do. Because this is precisely what Schauble meant when he said that the "Greeks Certainly Will Have A Difficult Time To Explain The Deal To Their Voters": under the conditionality of the Troika's approval, the Tsipras government now has to walk back essentially all the promises it made to the Greek people - promises which by some accounts amount to over €20 billion in additional spending - or the Troika, pardon Institutions, will yank the entire deal and the Grexit can then commence. And that's the bottom line.

It's also the reason Schauble was gloating: because he gave the Greek government just enough rope with which to hang itself. Then again, if and when the Tsirpas government is booted out next once the Greek euphoria turns to disgust and disillusionment, does Germany really want to negotiate with Golden Dawn instead?