Pro-Euro Party Wins Greek Election; Skeptics Linger

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ATHENS, Greece -- There was a sigh of relief around the world as Greeks elected a party that wants to keep Greece in the European Union and meet the conditions of a bailout.

But as a new day dawned in Athens Monday, there were renewed fears that this cradle of Western civilization could still become the graveyard of the European Union because the bailout may not work.

National Salvation Government

The pro-European Union party, New Democracy, narrowly won the Greek elections Sunday over a leftwing party that wanted to end austerity measures required for a European Union bailout.

Last night, New Democracy leader Antonis Samaras spoke to supporters and invited his opponents to join him in what he called a "national salvation government."

What happens next for Greece? How will Greece's future affect Europe and the United States? Bill Frezza, fellow at the Competitive Enterprise Institute, spoke with CBN News about that and more. Click play to watch, following this report.

But the conservative must now somehow cobble together a coalition with pro-euro socialist parties.

Voter Eleana Potsaki, 18, spoke for most Greeks when she said she is pessimistic about any new government's chances for success.

"I think that the situation is very difficult, and I'm not sure about the politicians' intentions because, up until now, they have not proven that they care for the country and its people," she said.

Greece's European lenders say the new government must cut spending if it wants a bailout. Greeks overwhelmingly want to stay in the euro, but they also do not want government spending cuts.

Doom Imminent?

Meanwhile, political analysts say the election results may have averted an immediate catastrophe, but they may not fix the broader problems facing Greece, Spainm or Italy.

Many economists believe Greek bankruptcy is still a foregone conclusion, and loans and restructuring will not keep this fragile economy from going under.

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