A turning point in Greece? Think again

Things in Greece could have been worse after yesterday’s election, but that fact can’t be hailed as a ‘turning point’. Assuming that Greek political leaders form a coalition and push ahead with EU-mandated reforms, which is a very likely outcome given that Greece may only have enough cash in its coffers to soldier on for another month, any such government will inevitably include parties that completely disagree on how to resolve the crisis. The only glue would be the fear of economic catastrophe.

This uneasy government would be ill-suited to withstand pressure from Syriza and the rest, who will spare no effort in blaming it for the inevitable economic pain. The threat of new elections, which would probably lead to Greece’s exit from the Eurozone, will constantly hang over the country’s head like the famous sword of Damocles.

A great deal of hope is being placed on the new government’s ability to renegotiate the terms of the EU-IMF bailout programme.