BBC News
May 8, 2012
Financial markets were not surprised by the French or Greek election results, so they initially chose to be only mildly alarmed. But the more that investors and policymakers think about them, the more worried they are - for good reason.
Short term, at least, the most important thing that has happened in the past few days is that Greece has moved several steps closer to leaving the euro.
True, a majority of Greeks want to stay in the single currency. But this is not a one-off protest vote: they clearly do not want to stay in on the terms negotiated by the previous government, and the rest of the eurozone do not want to offer them better ones.
Greece and its eurozone partners have come close to the brink before, and always found a way to step backwards again. Experience would suggest they will do so again.
There's no evidence, after all, that a party committed to tearing up the terms of the rescue package can even form a government in Greece.
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