greece is out!

1.27pm: Alexis Tsipras has declared that Greece's financial aid package is null and void, and called for a moratorium on Greek debt payments.

Speaking after being granted the mandate to form a government, the Syriza leader declared that Greece's commitments to the international community are no longer valid, now that a majority of Greek people have voted for parties which oppose the terms of the bailout.

The 37-year old leader (mini-profile here) said Antonis Samaras and Evangelos Venizelos (the leaders of the two mainstream parties), must write to Brussels saying that the commitments made earlier this year are no longer valid.

The speech has alarmed the financial markets, sending the euro falling through the $1.30 mark.

More to come