Alexis Tsipras, Syriza’s charismatic leader, will become the country’s youngest prime minister in 150 years, after taking 36 percent of the vote compared with 28 percent for the conservative New Democracy party of incumbent prime minister Antonis Samaras.

"Your decision today has made the Troika a thing of the past," Mr Tsipras told a cheering crowd in Athens. "Our victory is a victory for all people in Europe who are fighting austerity. The new Greek government will be willing to collaborate and negotiate with our European counterparts for a fair solution so that Greece can emerge from the vicious circle of debt."

Greece has struggled under repeated rounds of austerity that have pushed unemployment up to 25 percent compared with the eurozone average of 11.5 percent.

The forthcoming rhetorical slugfest, whatever the outcome, will have ripple effects across other “peripheral” members of the 19-country currency bloc which could send global bond markets haywire. This Hellenic election holds big significance for Britain, too. Ahead of our general election in May 2015, fears of renewed eurozone turmoil, which this Greek vote could spark, will bolster Eurosceptics across all parties. That could lead to an earlier vote on UK European Union membership.

Whatever the domestic political impact, there’s also the enduring economic reality. Continental Europe remains our largest trading partner by far and, in the EU or not, that won’t change any time soon. As such, Britain can’t stage a full-throated recovery while the eurozone is flirting with systemic meltdown – a meltdown that is now more likely, after this Greek election.

In Perama, one of the poorest parts of Athens, unemployment has reached 60 per cent and families do not have enough money to put food on the table. The clinic was originally set up to provide free health care and medicines to the growing number of poor, but now it hands out emergency boxes of food as well. Middle-aged men and women carrying plastic bags full of milk, beans, pasta and oil emerge from the clinic, which is run by Medecins du Monde, a French charity which normally provides disaster relief in Africa and Asia.

Syriza insists that austerity policies, which were designed to shake up the Greek economy and create growth, have only brought misery, including 25 per cent unemployment and a contraction in economic output on a par with the darkest years of the Great Depression in the 1930s.

The effects of those policies are all too evident in Athens – streets are lined with shops and businesses that are boarded up or have empty windows, their bare interiors occupied now only by bits of shelving and broken chairs. In the poorer parts of the city, people rifle through rubbish bins looking for scraps of food.

It is the latest sign that officials at Threadneedle Street are worried about the global fall-out from the rising dollar, which poses a mounting threat to companies in the developing world that have borrowed up to $9 trillion in US dollars. Mr Carney said regulators have cleaned up the banks and tried to prepare for the tectonic shift taking place in the international currency structure but major risks remain.

"This will test the resilience of that new financial system. It has a potential feedback and we have to be aware of that," he told an elite group of central bankers at the World Economic Forum. Mr Carney said the global authorities have clamped down on excess leverage and the sort of behaviour by banks that caused the financial crisis seven years ago, but new worries have emerged.

"The big question for us now is about liquidity cycles that come from fund managers that don't have leverage. It's $35 trillion of mutual funds that invest in relatively illiquid securities," he said. Global watchdogs say the scale is so large - and subject to "clustering" and crowd psychology - that these funds may all rush for the exits at the same time in a crisis and amplify the effects.

A training even was ordered on erev Shabbos involving the air force and ground forces to prepare troops for any eventuality. A stream of tanks was seen heading north of erev Shabbos as Gantz is not taking any chances. B’chasdei Hashem the border remains quiet, albeit tense. Defense Minister Moshe Ya’alon visited Northern Command and was briefed on the situation by Intelligence Chief Major-General Yoav Har-Even and senior Northern Command officers.

Deputy head of Iran’s Revolutionary Guards Lieutenant-General Hossein Salami vowed Saturday to “open new fronts [against Israel] and change the balance of power.”

In an excerpt of an interview with Salami, the IRGC’s number two said that Iran and Hezbollah would provide a “special reprisal” to the strike, according to the Tasnim News Agency, adding that opening a new front in the West Bank was in the works. “Opening up a new front across the West Bank, which is a major section of our dear Palestine, will be certainly on the agenda, and this is part of a new reality that will gradually emerge,” Salami said in the inteview with Iran’s Arabic-language news channel al-Alam.

Iran and Hezbollah have issued a series of threats since the strike earlier this week, warning of a “crushing response,” and “destructive thunderbolts.” The dead included an Iranian general and senior Hezbollah commanders, Muhammad Issa and Jihad Mughniyeh, son of slain terror mastermind Imad Mughniyeh.

It also added new issues in Turkey's complicated relationship with the Kurds, both those inside Turkey and those in Syria and Iraq. Moreover, for Washington, the merging of the conflicts in Syria and Iraq added an additional layer of complexity as transnational jihadists were simultaneously fighting against a government in Baghdad that the United States wanted to see retain power and a government in Damascus that the US was uncertain, at least without any visibility on the alternatives, if it wanted to see continue.

Finally, the collapse of Iraqi Armed Forces, and the resulting intervention by Iranian military and paramilitary forces, added a further complication to Washington's relationship with Tehran, and had a bearing on both the White House's attitude towards the Assad Regime, a key Iranian ally, as well as its policy on Iran's nuclear development program.

Fittingly, the expression, "the enemy of my enemy is my friend" is attributed to Arab origins. That dictum, more often than not, seems to be the overriding factor in the ever-shifting coalition of alliances that has emerged from the conflicts in Syria and Iraq.

The decision was taken on Wednesday by the national security council, a government body that includes Chancellor Angela Merkel, Vice Chancellor Sigmar Gabriel and seven other ministers, it said. “According to government sources, the situation in the region is too unstable to ship arms there,” added the daily.

Saudi Arabia follows a strict and highly conservative form of Islam, and as home to some of its holiest sites plays a key role as a spiritual leader for Sunni Muslims and mediator in the Middle East. A survey carried out for Bild found that 78 percent of Germans believe Berlin should stop selling arms to Saudi Arabia — and a further 60 percent want to break off trade ties all together — due to human rights violations.

In most US states, individuals belonging to organizations that discriminate are banned from being judges. Of those 47 states, 22 include sexual orientation as part of disallowed discrimination. Of those 22, including California, exemptions were made for nonprofit organizations like the US military and the Boy Scouts of America. Recently, the US military ended its ban on openly gay members. The Boy Scouts of America, however, earned the ire of many by ending its ban on homosexual youth but maintaining its ban on homosexual adults... effectively angering just about everyone.

Everyone should have the freedom to worship as they wish and believe what they wish. However, we have already established precedent of banning citizens from certain employment due to their exercise of their Constitutional rights. If you say or write material that appears discriminatory or violent in nature, you can be denied many government positions. If you can be denied a government post due to your exercise of free expression, it should also be possible to deny a government post based on religious affiliation.

Among the supporters of that first "de-dollarization" meeting were China and Iran and while the former continues to work down its exposure, the latter - Iran, according to Tasnim news agency, has almost entirely eliminated US Dollars from its reserves and is no longer using dollars in foreign trade. The US is losing its place as the sole dominant geopolitical superpower and history suggests that during such shifts geopolitical tensions structurally increase.

If this analysis is correct then the rise in the past five years, and most notably in the past year, of global geopolitical tensions may well prove not temporary but structural to the current world system and the world may continue to experience more frequent, longer lasting and more far reaching geopolitical stresses than it has in at least two decades. If this is indeed the case then markets might have to price in a higher degree of geopolitical risk in the years ahead.

Government officials began to activate emergency centers on Sunday as professional sports teams, schools and utilities hastily revised their schedules and made preparations. "This could be a storm the likes of which we have never seen before," New York City Mayor Bill de Blasio told a news conference in a Manhattan sanitation garage where workers were preparing plows and salt for the massive cleanup on about 6,000 miles of city roadways.

Archbishop Longley said: “For me it is authentically Catholic to work and pray for the Church’s unity – it is not an option and it does not undermine my Catholic identity. If I neglect to do this, or I am indifferent, there is something missing from my life and my journey of faith as a Catholic.”

During his address, the archbishop said Unitatis Redintegratio “was the first time that the Catholic Church had reflected theologically on the life and witness of other churches and ecclesial communities”.

The impact of the document, he said, was to show Catholics that working with other Christians would no longer be regarded “as dangerous to their spiritual well-being or at least… a distraction from the Church’s true mission”. The archbishop said the document was “only the beginning of our ecumenical pilgrimage”, and that 50 years on the goal of full unity “seems more remote”.

Concluding his address, the archbishop said: “As we look to the future one of the challenges we face as Churches together is not so much that the truth and love of God and the values offered by Christianity are being ignored or rejected, but that our own attempts to express and share our faith fail to move people sufficiently, especially when they see our divisions. Only by allowing ourselves to be transformed together can we hope to give a more credible witness to the Christ who sends us into the world and longs to walk beside us there.”

After her talks with the Arab League's Secretary General, Nabil al-Arabi, the European Union's foreign policy coordinator, Federica Mogherini had already announced relevant projects including intensified intelligence sharing. New "security attachés" will be working out of EU foreign missions in some of the Arab countries, while keeping contact to their respective intelligence services. Experts are demanding that intelligence cooperation be intensified, also within the EU.

The struggle is aimed at the Jihadists, who had achieved their breakthrough, due to the rearmament by the West and its Middle Eastern allies waging wars against the governments of Libya and Syria. The "counter-terrorism cooperation" will strengthen the authoritarian structures, against which large sectors of the populations of several Arab countries had been so massively revolting in 2010 and 2011.

The shock of the Swiss National Bank abandoning its cornerstone currency cap had yet to fully subside when the European Central Bank said it would flood markets with over a trillion euros, more than expected, to prevent the euro zone from sliding into deflation.

Canada also cut its rate out of the blue and Denmark did so twice to navigate a world of tumbling oil prices and weak growth. Now, after Europe mostly dominated the start of the year, attention will turn to the Fed's rate-setting meeting on Tuesday and Wednesday for any sign that its resolve to start raising interest rates mid-way through the year could be softening.

Another point of focus how low can the euro can go after it fell to as low as $1.1115 on Friday. "We believe that the 'currency wars' theme is still valid," AXA IM inflation linked bonds fund manager Jonathan Baltora said, pointing to the round of central bank's decisions of the past weeks. "The euro area stands to be a winner of the currency war over 2015 with a strong ECB quantitative easing program and a weaker euro."

Also in the spotlight will be oil prices. They have more than halved since June but the Brent closed up on Friday at $48.79 a barrel, with the death of Saudi Arabia's King Abdullah adding to uncertainty over the plans of the world's biggest crude exporter.