Summary

  • Alexis Tsipras, leader of the anti-austerity party Syriza, forms a coalition with the right-wing party Independent Greeks

  • Mr Tsipras vows to end Greece's "humiliation and pain" after Sunday's general election win

  • Syriza's victory raises fears about Greece's future in the euro as Syriza questions its 240bn euro bailout terms

  • European Commission chief Jean-Claude Juncker congratulates Mr Tsipras while reminding him of "fiscal responsibility"

  • Eurozone finance ministers met, with the fallout from the Greek election high on the agenda

  • All times in GMT

  1. Postpublished at 19:26 Greenwich Mean Time 26 January 2015

    Which brings us to the end of our coverage of the day the leader of the far-left Syriza party, Alexis Tsipras, was sworn-in as Greek prime minister. He has successfully formed a coalition with another anti-austerity party, Independent Greeks. European countries have said they are ready to work with the new Greek government, but some - notably Germany - have warned that Greece will be held to previous financial commitments. We will continue to bring you the news from Greece as Mr Tsipras attempts to honour his election pledges - our latest story is here.

    Greek radical left SYRIZA leader and newly sworn-in Greek Prime Minister Alexis Tsipras arrives at his officesImage source, EPA
  2. Greek problems 'haven't disappeared'published at 19:15 Greenwich Mean Time 26 January 2015

    More from the Eurogroup media conference. The organisation's chairman, Jeroen Dijsselbloem said the group was "very motivated" to work with the new Greek government. But he added: "We all have to realise and the Greek people have to realise that the major problems in the Greek economy have not disappeared and haven't even changed overnight because of the simple fact that an election took place."

  3. Postpublished at 19:13 Greenwich Mean Time 26 January 2015

    Here is some of what Commissioner Moscovici said at the Eurogroup media conference.

    "We want a Greece that can stand on its own feet again. We want a Greece that can grow sustainably, create jobs, prosperity for all its people, to reduce inequalities. We also want a Greece that can repay its debts. And what we need to agree upon with the incoming Greek government is not the ends, but the means."

  4. Postpublished at 19:05 Greenwich Mean Time 26 January 2015

    Senior figures from the Eurogroup - the finance ministers of the Eurozone - are holding a media conference after talks dominated by Syriza's victory in Greece.

    Members of the Eurogroup hold a media conferenceImage source, Reuters
  5. 'Still some leeway'published at 18:59 Greenwich Mean Time 26 January 2015

    Ireland's finance minister believes Greece's debt could be made more affordable. Speaking after a meeting of euro zone finance chiefs, Michael Noonan said there was a willingness to engage with the new government but most ministers would like to protect the money they had already lent. "The solution for Greece's debt problem is a new arrangement on the length of their loans and the interest rates to be paid and there is still some leeway even though these have been adjusted before," Mr Noonan told Irish broadcaster RTE.

  6. 'Giving an answer'published at 18:55 Greenwich Mean Time 26 January 2015

    Allowing Greece concessions in debt negotiations could set an unhelpful precedent, says Norbert Roettgen, an MP with the CDU party, part of the governing coalition in Germany. But Mr Roettgen, chair of the Foreign Affairs Committee in the Bundestag, said: "We have to deal with economic frustrations, we have to deal with protests and we have to give an answer."

  7. Postpublished at 18:41 Greenwich Mean Time 26 January 2015

    It appears news of Syriza's historic election victory is yet to reach the official Greek prime minister's Twitter account, which still shows the previous man in charge, Antonis Samaras.

    A screen grab of the official Greek Prime Minister's twitter feedImage source, Twitter
  8. What does Greece have to pay?published at 18:37 Greenwich Mean Time 26 January 2015

    Greece has about €20bn (£15bn; $22.5bn) of debt to repay this year, according to the Greek finance ministry - see the top chart on page four of this document, external, headed "redemption schedule". Raoul Ruparel, head of economic research at Open Europe think-tank, told the BBC that maturing bonds worth about €6.5bn would have to be paid off to the European Central Bank (ECB) in July and August. Less worrying for the new government are the T-bills (€4bn), that is, short-term debt that can usually be rolled over. About €9bn in loans also has to be repaid - spread quite evenly through the year. That is loan repayments to the IMF and ECB, including interest on the current bailout money. The bailout expires at the end of February, so Syriza will have to start negotiating fast.

    Euro bills - file picImage source, Reuters
  9. International Monetary Fundpublished at 18:34 Greenwich Mean Time 26 January 2015

    tweets, external: (Organisation chief Christine) Lagarde: we stand ready to continue supporting Greece; look forward to discussions with new government

  10. Postpublished at 18:33 Greenwich Mean Time 26 January 2015

    Alexis Tsipras has met the leader of the centrist party The River, Stavros Theodorakis. The party, which won 17 seats in the election, said on Sunday it would be open to supporting a Syriza government but ruled out a formal coalition.

    Greece"s newly-appointed Prime Minister Alexis Tsipras meets with Greek centrist party To Potami (River) leader Stavros TheodorakisImage source, Reuters
  11. Must keep promises - Hollandepublished at 18:30 Greenwich Mean Time 26 January 2015

    Greece must keep its promises on debt repayments, French President Francois Hollande says. "Commitments have been made and they must be honoured," he told a news conference in Paris.

  12. 'Slap in the face'published at 18:26 Greenwich Mean Time 26 January 2015

    There's been more positive reaction to Syriza's victory from other anti-austerity parties in Europe. Matteo Alvini, the head of the Northern League in Italy, described the result as a slap in the face to the "European Soviet Union of the euro", unemployment and the banks. Portugal's Socialist Party said it was another sign of the failure of austerity.

  13. 'Let them go'published at 18:12 Greenwich Mean Time 26 January 2015

    What if the Greeks did want to leave the eurozone? Michael Fuchs, a German MP with Chancellor Merkel's CDU party, was blunt, saying the EU could cope.

    "Let them go. The situation is not like it (was) three years ago. You have to see we have now the banking union available, we have the European Stability Mechanism available, so we are not so much worried anymore. And all the countries are in a much better condition. You see Portugal is not under any regime any more. Ireland - already safe. So the situation is completely different than three years (ago). Blackmailing doesn't work."

  14. Postpublished at 18:08 Greenwich Mean Time 26 January 2015

    Athens saw some dramatic weather today as Mr Tsipras was sworn in.

    Lightning strikes over buildings at central Syntagma square during heavy rainfall in AthensImage source, Reuters
    Dark clouds gather above the Parthenon TempleImage source, Reuters
  15. Another sign of EU flexibility?published at 17:54 Greenwich Mean Time 26 January 2015

    Olli Rehn, the Finnish ex-EU commissioner who was a key player in the Greek bailout deal, says the debt repayment deadlines could be extended. "Every state is expected to respect its commitments," he told the BBC. He went on: "This means we expect that Greece will pay back its debts, even if there would be an extension of all maturities." He pointed out that the UK did not finish paying off its World War Two debts to the US until 2006. "So quite long maturities are not so exceptional in economic relations," he explained.

  16. Get involvedpublished at 17:53 Greenwich Mean Time 26 January 2015

    Andrew Huzar tweets, external: So far, the markets have yawned. But who ultimately has the upper hand? The creditor (#Germany) or the debtor (#Greece)?

  17. Postpublished at 17:39 Greenwich Mean Time 26 January 2015

    This is Mr Tsipras arriving at the Maximos Mansion, the Greek Prime Minister"s official residence in Athens.

    Greece"s Prime Minister Alexis Tsipras waves to the members of media as he arrives at Maximos Mansion, the Greek Prime MinisterImage source, AP
  18. Postpublished at 17:33 Greenwich Mean Time 26 January 2015

    This Eurogroup has to give a strong signal that we want to start discussing with the new government, that we fully recognise the clarity and legitimacy of the new government after the choice of the voters yesterday, that we will also have to work on the basis of the commitments taken, knowing that the European Union has been sitting beside the Greek people. And of course the Union and the Commission, in particular, is willing to continue being at the side of the Greek people."

    EU Commissioner for Economic Affairs Pierre MoscoviciImage source, EPA
  19. Why aren't markets panicking?published at 17:30 Greenwich Mean Time 26 January 2015

    Syriza's victory brings the possibility of a Greek exit from the euro. So why have the markets, which normally hate uncertainty, not panicked? The BBC's Economics Editor, Robert Peston, suggests they "believe reason will prevail, and Berlin will sanction a write-off of Greece's excessive debts".

    A stock exchange in Frankfurt, GermanyImage source, AP
  20. Get invovledpublished at 17:27 Greenwich Mean Time 26 January 2015

    Matto Bencic tweets, external: The #EU should see #Greece as a great opportunity to reform its austerity measures and find shared beneficial policies #EUnited #Syriza