Greek Prime Minister to Resign Amid Crisis

Giannis Liakos/InTime News/AP

Amid the ongoing financial crisis in Greece, Prime Minister Alexis Tsipras announced Thursday he will resign his position as head of the government.

Tsipras came into power when Greeks gave majority control to his hard left Syria party on the promise that they would prevent austerity measures and further cuts to government spending.

But in the 11th hour negotiations last month Tsipras caved to pressure from the European Union to accept drastic austerity measures as final condition for a $96 billion bailout loan to forestall a default on its national debt.

The resignation will force a new election next month amid uncertainty for the Greek economy which still lingers in a state of currency crunch including limits on ATM withdrawals and transfer of funds to other nations.