New movement emerges, banking on the drachma

A new political party called Drachma Five Star Movement, modeled on an Italian anti-austerity party which made unexpected gains in general elections in February, has been established by Theodoros Katsanevas, the son-in-law of late Prime Minister and socialist PASOK founder Andreas Papandreou.

The party, which was approved by the Supreme Court on May 2 and lists as its key aim the return to Greece’s old national currency, also wants to revoke the country’s loan agreement with international creditors.

Its formation came a month after the former leader of leftist SYRIZA, Alekos Alavanos, launched a movement called Plan B that will also campaign for Greece to leave the euro.