Greece Will Leave Austerity 'Humiliation' Behind

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The leader of the Syriza party has vowed to end the "humiliation and anguish" of Greek citizens after his party took victory in the country's election on an anti-austerity platform.

Alexis Tsipras told thousands of supporters in Athens that Greece will leave behind the "catastrophic austerity" measures imposed by European creditors.

The left-wing party - which was widely tipped to win the poll - looks likely to win 149 seats in the 300-seat parliament.

This indicates the party would be two seats short of an overall majority.

With 92% of the votes counted, Syriza was 8.5 points ahead of the conservative New Democracy party of Prime Minister Antonis Samaras, who has conceded defeat.

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Gallery: Alexis Tsipras Celebrates Victory For His Anti-Austerity Party

A young child supporting anti-austerity party Syriza takes part in celebrations after the first exit polls in Athens

Syriza supporters await the final result of the Greek election at the party tent

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Members of the conservative New Democracy party watch as exit polls shows a significant victory for Syriza

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Celebrations continue for supporters of Syriza leader Alexis Tsipras in Athens

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An anti-austerity voter is overcome with emotion as news of the results breaks

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"Greece leaves behinds catastrophic austerity, it leaves behind fear and authoritarianism, it leaves behind five years of humiliation and anguish," Mr Tsipras said in his victory speech.

The win raises the prospect of a stand-off with European creditors, with Mr Tsipras promising to renegotiate the repayment terms of Greece's debt.

Financial markets have reacted nervously to the result, fearing conflict with other Eurozone governments that could put strain the currency bloc.

The euro fell to a fresh 11-year low against the dollar shortly after the result became clear while stocks were tipped to take a hit - with the FTSE 100, German DAX and the CAC in France all forecast to fall 1% in early trading.

Greece was forced to undertake deep budget cuts and fiscal reforms as a condition for a €240bn bailout in 2010 from the so-called "Troika" - the group of creditors made up of the European Union, the International Monetary Fund and European Central Bank.

Many in Greece feel slashed public spending has hit the most vulnerable hardest, while leaving the tax evasion and corruption of the apparent elites untouched.

Mr Tsipras said he would cooperate with fellow Eurozone leaders for "a fair and mutually beneficial solution", but said the Greek people come first.

"Our priority from the very first day will be to deal with the big wounds left by the crisis," he said.

"Our foremost priority is that our country and our people regain their lost dignity."

He added: "The verdict of our people means the Troika is finished.

"The new Greek government will be ready to cooperate and negotiate for the first time with our peers a just, mutually beneficial and viable solution."

Germany's Bundesbank has warned Greece needs to reform to tackle its economic problems, while the euro fell nearly half a US cent.

Mr Samaras had insisted voters would be making a huge mistake to elect Syriza at a time when painful fiscal reforms may be about to pay off.

After conceding defeat, he told supporters: "My conscience is clear because I told the truth to the Greek people until the very end.

"I received a country that was almost destroyed and I was asked to hold a hot potato and I did that."

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Congor Mangap