Greek parliament deadlock triggers early elections

Greece will hold early national elections on Jan. 25, stoking concerns over the future of the country's financial bailout, after lawmakers failed to elect a new president in a third and final round of voting Monday.

The conservative-led coalition government's candidate for the presidential post, 73-year-old former European Commissioner Stavros Dimas, garnered 168 votes from parliament's 300 seats, short of the 180 votes needed to win.

Parliament must now be dissolved within 10 days, according to the country’s constitution. Prime Minister Antonis Samaras said national elections will be held Jan. 25, "the soonest possible date."

"The country has no time to waste," he said in a televised address just after the presidential vote. "I am here to guarantee that the country continues on a safe course ... so that the sacrifices made and the [economic] recovery are not endangered."

The government's fall, two and a half years into its four-year mandate, comes amid deep uncertainty over the debt-ridden country's international bailout. The main left-wing opposition party Syriza, which is consistently ahead in opinion polls, might try to renege on the terms of the bailout deal because of the sharp austerity measures it requires.

Syriza leader Alexis Tsipras said Monday's vote marked a "historic day for Greek democracy."

"When the majority of the people is determined to end the policies of the bailout agreements and austerity, then lawmakers can do no else than respond to their duty to keep in line with the will of the people," he said.

Syriza has pledged to roll back some of the reforms the country has implemented in order to qualify for billions of euros in rescue funds from other eurozone countries and the International Monetary Fund, although the party has recently somewhat softened its rhetoric about unilaterally pulling out of the bailout deal.

The International Monetary Fund said Monday it was suspending financial aid to Greece under its huge rescue program until a new government is formed.

"Discussions with the Greek authorities on the completion of the sixth review of the program ... will resume once a new government is in place, in consultation with the European Commission and the European Central Bank," IMF spokesman Gerry Rice said.

German Finance Minister Wolfgang Schaeuble said Monday that Greece must stick to agreed economic reforms regardless of the election results.

"These tough reforms are bearing fruit; they have no alternative," Schaeuble said in a statement.

"The main opposition party today forced elections," senior conservative lawmaker Dora Bakoyiannis said. "Elections at the worst possible moment for the country's economy."

"Today Mr. Samaras' government, which for two and a half years plundered our society and had already decided and committed to take new measures, belongs to the past," Tsipras said. "With the will of our people, in a few days, the austerity agreements will also belong to the past."

Al Jazeera and The Associated Press