Greek Election Turmoil: Will Greece Exit Eurozone Amidst Chaos?

The days following parliamentary elections in Greece have become chaotic for the country, highlighting the possibility of Greece exiting the euro zone. Greece’s radical left party Syriza has now been given three days to build a coalition government. If the party’s leader Alexis Tsipras fails to come to consensus with other parties and gain the needed 151 seats for a majority in parliament to form a coalition government, then Greece would see another round of elections the following month.

A wrecked economical and political situation in Greece could even be worse if Greece faces another election. There is no time left for Greece as the EU and IMF warn Greece to abide by its bailout deal. Another election would just add fuel to the fire and make the economic and political situation in the country even worse that it is now. Eventually it may lead to “Grexit” from euro zone which is unlikely for both Europe and Greece.

Analysts argue that Tsipras would not be able to form a coalition government. Tsipras and his party, who came second after New Democracy (which failed to build a coalition and handed over this opportunity to Syriza), are seeking to build a leftist coalition government. His party opposes austerity measures by the IMF and EU, furthe raising the possibilities of “Grexit.” Tsipras called these austerity measures a tragedy than a salvation.

Rather than looking for another election, parties need to look for all possible consensus and agree on keeping Greece in euro zone. Thus, creation of a pro-European coalition is the only possible solution for the country. The situation in Greece is critical and clearly many angry voters do not agree with austerity measures yet want to remain as part of euro zone. Rejection of austerity measures would hinder EU-Greece relations. Tsipras may put at risk further loan agreements with foreign creditors. A spokesperson for the European Commission urged Greece to meet EU stipulations, saying that Brussels "hopes and expects that the future government of Greece will respect the engagements that Greece has entered into". German Chancellor Angela Merkel is another strong supporter of austerity measures.

Although the feasibility that Tsipras would be able to create a coalition is considerably low. Timing is critical for Greece, and as a Greek political commentator Xydakis said “Time moves much faster in Athens than in Berlin.”