by Marcus Walker
Wall Street Journal
May 15, 2012
As Greece careens toward another election, it's growing more likely that the country will crash out of the euro—but it is not yet inevitable.
Europe wants Greece to uphold the €173 billion ($220 billion) loans-for-austerity program Athens signed only in March. But Greek parties that support the bailout plan were trounced in May 6 elections.
Opinion polls suggest pro-bailout parties will lose again in a new election, expected in mid-June after cross-party talks on forming a government collapsed on Tuesday.
Greece's rising political force—the Coalition of the Radical Left, known as Syriza—is winning backers with its message that the bailout is dead and Greece can stay in the euro anyway.
How will this act of the Greek drama end? A euro exit appears increasingly likely. But it isn't what most Greeks or Europe want. Other endings are also possible. Here are the four scenarios:
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