Greece announces June 17 revote

Greek President Karolos Papoulias has officially announced that a new general election will be held on June 17th.Papoulias dissolved a newly convened parliament and issued a decree confirming the date of the new vote.

  May 6th election, the 2 pro-austerity governing parties lost a majority but no single party achieved a clear victory. The leaders of parties as well as Papoulias failed to form a coalition government, leading to a new election under the constitution.Senior judge Panagiotis Pikrammenos was named prime minister of a caretaker government, which was launched on Wednesday.

Polls show the anti-austerity Coalition of the Radical Left and the pro-austerity New Democracy both with the support rate of around 20 percent.The austerity measures are a condition for Greece to receive bailouts from the European Union, the European Central Bank, and the International Monetary Fund.

If a new coalition government rejects the austerity measures, the bailout framework itself might collapse, increasing the possibility of an exit by Greece from the eurozone. It would also rekindle Europe's credit crisis.