Greece future (re-write piece)

The BBC Business reveals that Greece will have a fresh election on 17 June, due to the failure to form a coalition government on 6 May.

The event raised concerns over Greece's membership within Eurozone.

Tuesday's election showed that there was no party to win a parliamentary majority. Since then, there has been deadlock over whether Greece should continue to go ahead with the austerity measures required by an international bailout agreement.

The BBC reports that recent opinion polls suggest the leftist bloc Syriza, which opposes the tough bailout conditions, would win a new election, but would still not gain enough for a parliamentary majority.

EU officials were in talks concerning Greece's future – if Greece elects an anti-bailout government in June, the country would exit Eurozone.

The rest of the markets has also been affected by the crisis, which has seen Asian stocks are pushed lower on Wednesday and oil prices are knocked down.

Additionally, the uncertainty over the Euro has also sparked concern over a run on the Greek banks.

European leaders indicate that they will cut off funding for Greece, if the country rejects the bailout agreement sealed in March, and there would be no further discussion on its bailout.

Christine Lagarde, the head of the International Monetary Fund, talked about the possibility of orchestrating an “orderly exit” for Greece from the eurozone.

“It is something that would be extremely expensive and would pose great risks, but it is part of options that we must technically consider.”

The newly elected French president Francois Hollande also expressed his opinion that he would prefer Greece to remain in the Euro.