The 10 things victorious Syriza party wants for Greece

Syriza leader Alexis Tsipras greets supporters following victory in the election in Athens on Jan 25, 2015. Radical left party Syriza swept to power in Greece on Sunday promising to end years of painful austerity policies, in an election victory
Syriza leader Alexis Tsipras greets supporters following victory in the election in Athens on Jan 25, 2015. Radical left party Syriza swept to power in Greece on Sunday promising to end years of painful austerity policies, in an election victory that puts the country on a collision course with the European Union and international creditors. -- PHOTO: AFP

Radical left party Syriza swept to power in Greece on Sunday promising to end years of painful austerity policies, in an election victory that puts the country on a collision course with the European Union and international creditors.

Syriza will become the first anti-austerity party to take power in Europe and its 40-year-old leader Alexis Tsipras will be Greece's youngest prime minister in 150 years.

Here are 10 things Syriza has said it wants for a new Greece:

1. To renegotiate Greece's massive bailout plan

Syriza wants to negotiate a writedown on Greece's debt with the troika of international creditors, amounting to a whopping 250 billion euros (S$376 billion), and demand a grace period before repayments start to free up funds to boost growth.

Tsipras says Greece's creditors have put the country in an "unsustainable" position, forcing it to make ever greater debt repayments while its economy shrivels. Greece's creditors warns that failure to repay its debts will carry "consequences". Analysts say the eurozone is set for fresh turbulence.

2. To end austerity and start pro-growth economic policies

Tsipras, in his victory address om Sunday, declared the austerity era to be over. Syriza says it will stop the pursuit of "unrealistic" primary budget surpluses while pursuing balanced budgets. It would insist that public investment be excluded from European Union deficit calculations and broker an EU-wide programme of public investment.

It would also negotiate with the troika to agree mechanisms to boost growth to benefit all citizens, including the poor.

3. Protection for banks

The new government will protect the banking system within the framework of the European Central Bank and guarantee Greek citizens' deposits

4. Aid for the poor

Straight away, Syriza would introduce an aid programme for the poor and low-income pensioners, including free power, food vouchers, medical care, travel privileges, a tax break on heating oil

5. Help for smaller companies and farmers

Small and medium-sized enterprises would get support and the government would increase revenue by granting special arrangements for companies to pay arrears.

The government will establish a state-owned development bank and specific government lenders to finance smaller companies and farmers.

6. Help for homeowners

By the end of 2015, Syriza would abolish property tax and stop banks foreclosing on primary residences or auctioning off homes

7. Tax relief for the lower-income

Syriza would change the tax system to make it "fair" with the first 12,000 euros ($14,000) a year of income exempt from levies

8. Minimum wage and more jobs

It would raise the minimum wage to 751 euros a month from 580 euros a month for all workers, restore collective labor agreements, regulate against mass dismissals and create 300,000 jobs in private, public and "social" sectors

9. Slashing government bureaucracy

Syriza would cut the number of ministries to 10 from 18

10. A stop to all sales of state assets

Sources: Bloomberg, AFP