Greece Avoids Disaster But Still Swims In Boiling Seas

The dreaded Greek elections are over and the fear that Greece would reject austerity was averted.  The pro-austerity, stay in the euro zone, New Democracy party won the majority of seats.  While everyone in Europe is probably breathing a sigh of relief, the worst may be yet to come.

The election didn't solve any of Greece's spending problems.  It only insured that there will be even more unrest from the anti-austerity youth and socialists as they continue to make spending cuts.  At least, after today, the they won't face the immediate revival of the drachma at a highly discounted rate -- causing rabid inflation and economic collapse.  However, that fate may still come later this year when austerity fails and the Greeks are left with no other choice but to leave the euro zone.