Putting an asset speculator at the head of a traditionally leftist party always seemed like a strange idea, and the rapidly deteriorating political fortunes of Stefanos Kasselakis appear to prove it.
Two months ago, the former ship investor and Goldman Sachs trader seemed on the brink of a political revolution, coming out of nowhere to wrest the leadership of Greece’s main opposition Syriza party in a nationwide rank-and-file vote.
His dream of breathing new life into the shrinking party, which ruled Greece between 2015 and 2019, is fading, however.
Nine lawmakers announced that they were leaving Syriza on Thursday, bringing the number of defections since Kasselakis’ party vote victory to 11.
This cuts the strength of its parliamentary group by nearly one-quarter to 36 lawmakers — just four seats more than the social democratic Pasok party.
To make matters worse, the latest opinion polls show that Syriza’s popularity has already slipped behind Pasok’s, with between 10.5% and 12% expressing support.
This compares with the 18% Syriza got in parliamentary elections in June.
The party performed poorly in local elections in Greece last month.
Not compatible?
Kasselakis earned a small fortune last year through opportunistic bulker and tanker asset plays of three shipping outfits he founded — Tiptree Marine, SwiftBulk and SwiftTanker.
After selling out of ships, the telegenic, 35-year-old political novice and expat from Miami entered the Syriza leadership race as a total outsider, without having even been a full party member.
His campaign combined populist anti-elite rhetoric with traditional progressive themes, such as the separation of church and state, the defence of LGBT rights and the abolition of mandatory military service.
Kasselakis became the first openly gay political leader in Greece.
After his victory, however, he quickly came to blows with leadership opponents such as former finance minister Euclid Tsakalotos and former labour minister Effie Ahtsioglou, who advocated policies more in line with Syriza’s leftist tradition.
Tsakalotos left the party earlier this month after Kasselakis threatened to call a grassroots vote to expel a group of dissidents.
Ahtsioglou and eight MPs loyal to her abandoned Syriza on Thursday.
Lower-ranking members have been leaving in droves as well.
Kasselakis remains defiant. “History will be the judge,” Syriza said in a written comment on the latest defections on Thursday. “More united and stronger … Syriza will again express the great majority of our people.”
