Tsipras needs a recovery plan

The actions of Alexis Tsipras, who heads the new Greek government, have been swifter than most expected, as he bids to deliver on the promises he made to voters in the run-up to the election on Jan 25.

His actions have focused on saying no to the previous government's agenda. For example, Tsipras and his team have said Athens will no longer cooperate with the troika of the European Commission, European Central Bank and International Monetary Fund on repayment of the Greek debt, which is now about 175 percent higher than its economic output. They have also decided to end the austerity measures, and are trying to raise the minimum wage from around 600 euros ($678) a month to the pre-2008 crisis level of 750 euros.

They have also sacked the heads of the state privatization agency and are halting the country's massive privatization plan, which had partly helped win a 240 billion euro bailout from the European Union, ECB and IMF.