The leader of Greece’s largest political party, Antonis Samaras, announced that he could not form a coalition government, May 7. It seems almost impossible for anyone else to succeed, meaning that Greece will probably hold new elections next month. In the meantime, the International Monetary Fund (imf) may not release the next section of Greece’s bailout money.

With such turmoil, no wonder Citigroup said there is a 50 to 75 percent chance of Greece leaving the euro.

Antonis Samaras’s conservative New Democracy (ND) won 18.9 percent, the largest share, of the vote. Because of this, Greece’s electoral system gives it 50 bonus seats in parliament. Before the election, it was in a coalition with the socialist pasok—the only other bailout-supporting party to survive the elections. Combined, these two parties now hold 149 out of the 300 seats—two shy of the majority required to form a government.

Samaras couldn’t persuade any of the other parties to form a coalition with the ND and pasok, meaning the opportunity has gone to Alexis Tsipras, leader of Syriza, who did second best in the elections.

The ND and pasok are “pro bailout” in that they believe the terms should be renegotiated. This still puts them on a collision course with the European Union. German Chancellor Angela Merkel and the European Commission have both said the bailout terms cannot be renegotiated.

All the other groups want to reject the bailout outright. Tsipras called it “barbaric.” In a sign of how frustrated Greeks are getting, the neo-Nazi Golden Dawn party won 21 seats, while smaller parties in the last parliament that supported the bailout failed to win any.

The strength of feeling against the bailout apparently shocked the imf. “Our sources at the fund are telling us they had no idea of the extent of the anger and anti-austerity feeling in Greece,” said one reporter on Greek television. “They are amazed.”

The troika of the European Central Bank (ecb), European Commission and imf want Greece to identify budget cuts worth 7 percent of gross domestic product by the end of June. Now that seems impossible. In its analysis, Citi warned that if Greece fails to do this, as a first step the troika would delay the release of Greece’s bailout cash. “If Greece does not make progress, in a second step, the troika is likely to stop the [bailout] program,” it wrote. “If that happens, the Greek sovereign and its banking sector would run out of funding. As a consequence, we expect that Greece would be forced to leave the euro area.”

Spain is on the brink of needing a bailout. President-elect François Hollande is challenging Germany’s vision of how the euro should be run. And now Greece stands on the brink of political chaos and default. The status quo, propped up by German loans and ecb printing presses (in the form of its Long-Term Refinancing Operation), cannot continue much longer. Expect some dramatic changes in Europe soon. For what these changes will be, read Trumpet editor in chief Gerald Flurry’s article “The Fourth Reich Is Here.”