Don't look for Greece's political turmoil, and its effect on the world markets, to end anytime soon. Three parties have now tried and failed to form a government after last week's elections, and the president will meet with them tomorrow in a final effort to avoid a whole new general election. The Guardian, however, doesn't hold out much hope that President Karolos Papoulias will succeed, given the differing views on whether Greece should agree to the austerity measures of its European bailout or scrap the deal entirely.
The left-wing party that came in second place, for instance, Syriza, is adamantly opposed to the bailout, while the socialist Pasok and center-right New Democracy think backing away would be irresponsible and might force Greece out of the euro zone, notes AP. If the president can't forge a deal, new elections will take place next month. "Even the best-case scenario that would see a government being formed isn't good enough," says an Athens professor of political science. "How long would it last?"