The Greek Elections Solved Nothing

Ten days ago, the apocalypse did not happen. The Greek elections took place, and the radicals did not win. Syriza—the neo-Marxist, anti-austerity party whose members call one another "comrade" and whose policies include the creation of 100,000 new government jobs—did not get the most votes. New Democracy, the establishment center-right party, emerged victorious, though just barely. It formed a shaky coalition, in partnership with two center-left parties, and promised to push through the budget cuts that the European Union has imposed as a quid pro quo for propping up Greece's economy. The financial world breathed a sigh of relief: Crisis averted.

That relief may have been premature.