Greece has held its elections, and things are not as bad as forecasters predicted. The leftist Syriza coalition emerged victorious on its anti-austerity platform and Western civilization has not collapsed.
The election results demonstrate, however, that the euro zone needs new mechanisms to survive over the long term.
Early elections are actually not uncommon in the parliamentary process. In Germany, they last occurred in 2005. But when the Greeks vote, alarm bells go off. The wrong party just might win.
Now that has happened and the “wrong party” Syriza has won, some financial policy hardliners are demanding that Greece exit the euro zone. Commentators have even come up with a term for the scenario – “Grexit” – though it is utterly unrealistic.