Greek Prime Minister Alexis Tsipras has stunned the world by tendering his resignation to the Greek president.

“I will shortly meet with the president of the republic and present my resignation and that of my government,” said Mr Tsipras in a live television address to the Greek people on Thursday.

Mr Tsipras is believed to have his resignation forced upon him after a 43 member revolt within his 149 member Syriza pary.

The sizable faction chose to either oppose or abstain from the latest wave of creditor-demanded austerity.

These demands came only days after Greece was able to meet a debt repayment of 3.4 billion euros owed to the European Central Bank. But meeting this repayment meant concessions from the Greek people already unpopular and voted against.

This first installment is part of a much larger (86 billion euro) debt that will see ever more restrictive and damaging austerity measures imposed upon the Greek economy.

Now ex-Prime Minister Alexis Tsipras had persuaded his people to oppose the tough reforms in a referendum last month. He then accepted them at a Eurozone summit a week later.

His resignation now leaves the country in the hands of a caretaker government. The snap elections are likely to be held on or around September 20.

So once more the people of Greece and their creditors are plunged into uncertainty.

“Swift elections in Greece can be a way to broaden support for ESM stability support programme just signed by Prime Minister Tsipras on behalf of Greece,” tweeted Martin Selmayr, chief of staff to Jean-Claude Juncker (head of the commission).

His attempts to put a positive spin on the Syriza party revolt and Tsipras’ resignation have done little to calm markets, investors and creditors.

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