By Jonathan Davies

Greece's Prime Minister Alexis Tsipras has called a snap election, announcing his resignation.

Mr Tsipras was elected in January and has overseen seven months of turmoil ending with a third bailout finally being agreed. But he will stand for re-election.

His Syriza party was elected based on its anti-austerity policies, but Tsipras and his government were forced into strict cuts in the public sector in order to agree terms of a bailout. At one point, an exit from the Eurozone seemed a very real possibility.

No data has been officially set, but the election is expected to take place on 20 September.

"The political mandate of the 25 January elections has exhausted its limits and now the Greek people have to have their say," Alexis Tsipras said.

"I want to be honest with you. We did not achieve the agreement we expected before the January elections."

Some Syriza members have announced that they will split from the party to create their own ahead of the election. Mr Tsipras has faced strong opposition from his own party over concessions made during the bailout negotiations.

In the mean time, Greece will be run by a caretaker government.

The Greek constitution requires the country's president to ask for the second largest party to attempt to form a government, if a government resigns within one year of election. If that party is not able to form a government, the next party is asked.

However, both are able to waive this right to allow the president to approve a snap election.