Greece Debt Crisis Update: Greek President Prokopis Pavlopoulos To Call For New Election

No progress has been made in an attempt to form a new government in Greece after Prime Minister Alexis Tsipras resigned last week, so Greek President Prokopis Pavlopoulos plans Friday to call for a new election. The election would most likely be scheduled for Sept. 20, Reuters reported.

An official in the president’s office told Reuters that Pavlopoulos had asked leaders from the right and the left to try to form a new government to avoid a possible election. Tsipras was elected in January. The timetable for the new election could change, but the official said Pavlopoulos wants the election process to be as fast as possible.

Greece nearly collapsed amid a finanical crisis this year while Tsipras was in office, and when he resigned he had the idea that an election next month might allow him to retain his power. When he resigned, he asked for an early election.

While campaigning, Tsipras originally promised to abandon austerity reforms that were proposed for Greece when it faced financial collapse. He was eventually forced to accept them as Greece’s financial situation threatened the country's status in the eurozone.

"I want to be honest with you. We did not achieve the agreement we expected before the January elections," Tsipras said, Reuters reported. "I feel the deep ethical and political responsibility to put to your judgment all I have done, successes and failures."

The same day Tsipras resigned, Greece started to see funds come in from the 86 billion euro bailout, its third since 2010. If he were to win an election in September, Tsipras has told a Greek TV station he might accept an easing of the country’s massive debt.