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The People V. the Financiers: a Greek Mandate

As the profits and returns concern of financial markets remain skeptical over the leftist decision of the Greek people last week, in Athens, a newly elected government has emerged with a mandate from Greeks to provide much desired social and economic relief from the harshness of austerity measures.

To this end, new Greek Prime Minister Alexis Tsipras has taken office intent on taking the cry of hardships by Greeks back to the negotiating table with financiers to reschedule Greece's obligations with a view to easing the economic pain felt by many in the birthplace of modern democracy. 

Greece's new government has set the stage for the people versus the financiers as the leftist Syriza government argues that the well being of the people trumps any returns and profits and that the people reserve the right to renegotiate the terms of prior agreements in light of changed ill-effected conditions.

Prime Minister Tsipras has affirmed that top priorities for the new government are negotiating with creditors to resolve Greece's debt problems and dealing with a humanitarian crisis brought on by austerity policies which have driven up poverty to the extent that one-of-every-four Greek workers is jobless. 

Noting that some prior agreements Greece has made with creditors "will be reviewed to the benefit of the Greek people", new Finance Minister Yanis Kammenos  has confirmed the sale of the largest port - Piraeus Port Authority, will be placed on hold pending review. The sale of the port was agreed upon during bailout financing. Moreover, the new Greek government would also seek to reverse some layoffs in the public sector. Deputy Minister for Administrative Reform George Katrougkalos, has pledged that legislation to roll back some layoffs will be one of first pieces of legislation he introduces in the new government, Reuters reported. 

Equating austerity policies as "fiscal water-boarding", Deputy Minister Katrougkalos and the new Greek government, has set the tone in Greece for the people versus the financiers - an experiment into satisfying the social and economic needs of a people over the profits and returns of financiers.