EU welcomes Tsipras victory, says no ‘time to lose’ on reforms

The EU on Monday congratulated Alexis Tsipras on his left-wing party’s re-election victory and said Greece has “no time to lose” in implementing the reforms agreed as part of its international bailout.

Tsipras secured his second mandate as prime minister this year at a snap general election Sunday that should allow him to drive through the unpopular reforms under a third rescue package worth up to 86 billion euros ($97 billion).

“The commission congratulates Alexis Tsipras for his victory,” European Commission spokesman Margaritis Schinas told reporters.

He recalled that under Tsipras’s previous leadership, Greece already “committed to an ambitious programme of reforms” to revive the country’s economy as he led the negotiations that culminated in the bailout deal signed in Brussels in August.

“The new government will now have the mandate to carry out those reforms... There is a lot of work ahead and no time to lose.” 

Schinas said Greece’s creditors –the EU, the European Central Bank and the International Monetary Fund –were expected to meet over the next few months to conduct a review aimed at releasing new funds under the bailout deal.