Greece faces yet another new election after party talks failed to bring about a coalition government. This election follows the first election a week ago, when Greek voters protested against bailout plans that are key in resolving the euro zone debt crisis.

Outgoing finance minister Evangelos Venizelos, leader of the Socialist Pasok party, said last efforts to form a coalition had failed after a meeting with Alexis Tsipras who heads the anti-bailout Radical Left Coalition, or Syriza.

As a result, President Karolos Papoulias will hold a final meeting with all the leaders of the political parties to convince them to form a coalition.

However, if they fail to reach an agreemnt by June 17th, Greece will have no choice but to hold another election, according to its constitution. Several Greek media outlets have reported the Greek government is already preparing for another election, with the timing to be around June 17th.