Greece will hold a new election on June 17 that is widely viewed as a referendum on whether Greece stays in or leaves the Eurozone.

Greek President Karolos Papoulias (Photo: Internet)

 The date was announced by Greek President Karolos Papoulias on Wednesday to ease Greeces’s escalating social instability. The head of Greece’s top administrative court, Panagiotis Pikrammenos, was named Prime Minister of an interim government, following a failure of party leaders to form a coalition government to implement bailout commitments to the EU and the International Monetary Fund (IMF). As no party won a majority of the 300-seat Parliament, the commitments are unlikely to be met and Greece is poised to fall into political chaos.