Greece has received two bailouts worth a total of 240 billion euros ($295 billion) since the height of its financial crisis in 2010. These loans came in exchange for strict austerity measures and were overseen by the so-called troika of international organizations – Greece's fellow euro countries, European Central Bank and the International Monetary Fund.
However Tsipras and his Syriza party have said they want to repeal austerity measures, rehire public sector workers that were laid-off as part of earlier cost-cutting measures and -- problematically for Europe -- get Greece's lenders to write off a third of Greece's debt.
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Greece appears to be firmly on a collision course with its euro zone neighbors over its bailout program. So far, Europe has refused to countenance demands from Greece for a debt haircut, and one economist said it was unclear how the impasse would be resolved.
"I think the Greece versus EU/troika is a no-solution trade, but someone needs to lose face, someone needs to give up," Steen Jakobsen, chief economist at Danish investment bank Saxo Bank, told CNBC Thursday.
"I don't think it's going to be the Greeks…The first couple of days have clearly shown that Syriza is going to deliver what they promised to voters. I think there's no solution here. Someone will lose, and someone will lose big."