The EU on Monday congratulated Alexis Tsipras on his left-wing party's election victory and said Athens has "no time to lose" in implementing the reforms under the bailout with its creditors.

"The commission congratulates Alexis Tsipras for his victory," European Commission spokesman Margaritis Schinas told reporters. "The new government will now have the mandate to carry out those reforms…. There is a lot of work ahead and no time to loose."