By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Christine Lagarde, the managing director (MD) of the International Monetary Fund (IMF) on Monday reiterated the Fund’s continued support for Greece following the elections that have taken place in that country, the IMF said in a statement.

 “We stand ready to continue supporting Greece, and look forward to discussions with the new government,” Lagarde said.

Alexis Tsipras, 40 and the leader of left-wing Syriza party was sworn in Monday as Greece’s new prime minister after forming a coalition with the right-wing Independent Greeks party.

The new prime minister said to be one of the world’s youngest leaders in modern time has vowed to end austerity measures and renegotiate the terms of Greece’s European Union bailout.

In late 2009, fears of a sovereign debt crisis developed among investors concerning Greece’s ability to meet its debt obligations due to strong increase in its government’s debt levels.

Since 2010, the country has received bailout totalling 240 billion euros; coming on the heels of this, the IMF, European Commission (EC) and European Central Bank (ECB) demanded for tax hikes, a freeze on state pensions, bans on early retirement and deep cuts in government salaries.

The country’s lawmakers in 2013 approved Greece austerity budget; a step in the country’s efforts to persuade its international creditors to unblock a vital rescue loan instalment without which the country will go bankrupt.

The election of a new anti-austerity government in Greece is raising concerns about how the debt ridden country will satisfy its creditors and citizens weary of cost-cutting measures.