After talks fail, a new election is due in Greece

Greece will be holding a new election after coalition talks crumbled on Tuesday. The new round of voting will be following a May 6 ballot that failed to elect a winner.

LOS ANGELES, CA (Catholic Online) - Political leaders have been trying for days to form different coalition governments, however none have been successful. On Tuesday, Greek politicians decided that a new vote is the only logical answer. The second election is to take place on June 17. In the May election, the majority of votes supported parties that are against austerity measures in the country. The measures are important to a bailout deal, which is funded by the European Union and the International Monetary Fund, which aims at preventing Greece from defaulting on debts. According to polls taken last week, the radical left party, Syriza, which took second in the May vote, is now first place. The party has a strong position against Greek austerity measures and wants to renegotiate the bailout package. The party is unlikely to win an absolute majority, but it might get enough votes to change Greek policy, according to Vassilis Monastiriotis, from London School of Economics. "They may be able to form a coalition government being the strongest party in parliament so that the coalition government will be on their terms rather than them being the smallest party and having lower influence," Monastiriotis said. The part's aim in renegotiating the terms of Greece's bailout is not likely to make a major headway due to the European Union being unlikely to shift the terms of the agreement. Syriza, as well as the majority of Greeks, says it wants to remain in the eurozone. Leaders in Europe have also stressed on their commitment in keeping Greece within the union. However, many analysts say that Greece may be on its way out in the coming years. "If they insist on what they have promised, it is quite possible that there is going to be a deadlock on the European level and this potentially could lead to the exit of the country from the eurozone," he said. Greece is now in its fifth year of recession. The country's economy has decreased more than 6 percent in the first quarter when compared to last year.

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