The new coalition government has 100 critical days to implement many important aspects of the country's adjustment program: Over the next weeks the government must draft the 2016 state budget and a three-year fiscal strategy, accelerate the bank recapitalization, reform the pension system, merge Social Security funds, privatize the electricity transmission system, proceed with a comprehensive tax reform with changes in direct and indirect taxation, impose double taxation on farmers and set up the new privatization fund that will manage assets worth 50 billion euros.
Reportedly, Tsipras intends to create a ministry to coordinate the implementation of the bailout program with former Minister of Finance Euclid Tsakalotos at its helm. Greece's creditors, who desire prompt implementation of the reforms, are concerned about the new Greek government, which will be sworn in on Tuesday and who will take up critical positions.
Greece's government bond yields have fallen today back to levels last seen before the nation's January elections that swept the anti-austerity Syriza party to power. The Greek 10-year bond yield has dropped 1 basis point to a new low for the year of 8.22 percent, according to Bloomberg.
Nikos Chryssochoidis, managing director of the N. Chryssochoidis Stock Brokerage firm, told CNBC: "The victory of the Syriza/Independent Greeks coalition creates a positive aura in the much-depressed Hellenic capital market. It undoubtedly leads to a much needed government formation, a step that can guarantee the normal course of action toward the fulfillment of the third bailout program and creditor requirements and indicates a will for stability and operating efficiency, factors that can lower the high spreads of the Hellenic Government Bonds and ensure minimum tax revenue receipt."
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While it may be easy for creditors to demand that Greece honors its loan agreement, it is politically and socially difficult for any government to implement austerity measures of such a scope. This leads to the question of what the Syriza-led coalition government would do when faced with the austerity measures.
With the painful measures expected to test the cohesion of the coalition government—which consists of members of parliament who have openly opposed austerity and many of the reforms demanded by Greece's creditors—many analysts believe that Tsipras will sooner or later seek alliances with smaller parties. During the election campaign, Tsipras left the door open for a coalition with PASOK. Although it seems unlikely at present, given the positive attitude of those parties toward the bailout program, a future alliance may not be ruled out.