Greek Fire, Part 56

And the Greeks fly too close to the firmament and get torched.  The good news is they've come up with the latest bailout payment and for now won't default.  The bad news is the government is no go, and that means more elections in a month and a huge question mark as to what happens next.

“The country is once again headed to elections in a few days under adverse conditions,” Evangelos Venizelos, the leader of the socialist Pasok party said. “The Greek people told us they didn’t want elections but a coalition government, that they want Greece in the euro.

I wouldn't bet a lot of money on that last part there.

Venizelos spoke after he and other party leaders met Papoulias today in Athens. A second election in less than two months threatens to extend the political gridlock that has left the country without a government since the last vote.

Greece’s political impasse means elections will probably be held next month, with polls showing that could boost the anti- bailout Syriza party to the top spot. The country may run out of money by early July.

The standoff has reignited concern the country will renege on pledges to cut spending as required by the terms of its two bailouts worth 240 billion euros ($306 billion) negotiated since May 2010, and, ultimately, leave the euro area. 

I wouldn't bet a lot of money on that last part there, either.   Greece is at this point facing the "Grexit" from the euro, and it's going to cause mass chaos in the rest of the eurozone.  Been talking about this for a long time now.  We're in the endgame now.