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Why the Greek Stock Market Is Crashing Again

Syriza supporters listening to party leader Alexis Tsipras outside Athens University
Syriza supporters listening to party leader Alexis Tsipras outside Athens UniversityPhotographer: Aris Messins/AFP via Getty Images

Yesterday we wrote that it was time to start paying attention to Greece again. The general gist: By early next year, the Greek Parliament needs to vote on a new president (a largely ceremonial role). If no candidate can get 180 votes (out of the 300 seats in Parliament), snap elections will be held. In that case, the radical leftist Syriza party may take control of government, causing a rift with the rest of Europe.

Events have unfolded with shocking speed since yesterday’s story. On Tuesday, the Greek stock market has been crashing around 11 percent.