June 18, 2012 10:58AM 

# The Greek Vote Solves Very Little 

By [Marian L. Tupy](https://www.cato.org/people/marian-l-tupy) 

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Predictably, Europe’s great-and-good have been [thrilled](http://ec.europa.eu/commission_2010-2014/president/news/archives/2012/06/20120617_speeches_1_en.htm) by the Greek vote over the weekend. It may indeed be possible for the pro-bailout parties in Greece to put together a parliamentary majority, but what then? The Greek economy is still in a downward spiral with no sign of recovery. Europe is still piling on new debt and the euro faces great dangers (Spain, Italy, etc.) ahead.

What Greece needs is a credible commitment to deep structural reform ([a Thatcher moment](http://online.wsj.com/article/SB10001424052702303768104577458640204284270.html)) regardless of whether the country remains inside the eurozone or leaves the common currency. Therefore, it is worth noting that the liberal parties committed to such reform [did not gain a single seat](http://blogs.telegraph.co.uk/news/danielhannan/100165822/another-non-result-in-greece-how-much-longer-can-this-go-on/) in Sunday’s election. And so, the great Greek drama — minimum reform, continued bailouts and economic destitution – looks set to continue for a little while longer.

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