Politics of Greece

 Benchmark suffers biggest drop in 27 years as foreign investors rush to sell on fears of snap general election

Prime Minister Antonis Samaras on Tuesday named former European Commissioner Stavros Dimas as his coalition’s candidate for early presidential elections this month, paving the way for weeks of political turbulence as the government scrambles to garner the 180 votes required to endorse Dimas and avert snap general elections.

The presidential elections may not have started yet but that did not prevent SYRIZA leader Alexis Tsipras from fully turning his attention to the prospect of snap national polls on Tuesday.

Six people who were detained in connection with violent clashes in Thessaloniki last Saturday on the sidelines of a demonstration marking the anniversary of the police killing of a teenager in central Athens were released Tuesday after facing a prosecutor.

Democratic Left (DIMAR) on Tuesday said that it will not be backing the coalition government's candidate for president in three Parliamentary votes expected to start next week.

The party, which split from the coalition last year, said in an announcement that it will not contribute to "the protraction of the political deadlocks being pursued by the present government."

Greek stocks plunged Dec. 9 on fears of a political stalemate after the government unexpectedly brought forward a high-stakes presidential election.
      
The vote by 300 members of parliament to replace President Karolos Papoulias was due in February but a first round has now been set for December 17.
      

A decision on Monday by Greece's coalition government to move forward the election for a new president constitutes a "significant popular and democratic victory," opposition SYRIZA leader Alexis Tsipras said on Tuesday.

Prime Minister Antonis Samaras on Tuesday confirmed the nomination of former EU Commissioner Stavros Dimas for president.

"He is widely regarded as a person who unites and inspires. He unites citizens beyond their party preferences and inspires gravity, trust and respect," Samaras said in a televised address of the former European commissioner.

Former European Commissioner Stavros Dimas has emerged as the frontrunner for Greece's presidential candidacy following a meeting with Prime Minister Antonis Samaras on Tuesday morning, a day after the coalition government announced that it is moving up the electoral process.

By Nikos Chrysoloras & Antonis Galanopoulos

Greek stocks and bonds slumped after Prime Minister Antonis Samaras opted to bring forward the process of choosing a new head of state, risking parliamentary elections in Europe’s most indebted state as early as January.