Europe's relief from Greek vote likely fleeting
ATHENS, Greece (AP) — Greece's election result has eased fears of imminent financial disaster for Europe, but the continent's leaders are still searching for a way to contain a debt crisis that threatens the global economy.
A narrow victory for the New Democracy party in Greece means that the country is more likely to stick to the harsh austerity terms of its €240 billion ($300 billion) bailout and not face a chaotic exit from the euro in the very near future — an event many fear would destabilize Europe and send shockwaves through the world.
The country's economy is still in a very vulnerable state, however. It is in a fifth straight year of recession and could easily deteriorate to point where a default and euro exit were inevitable.
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