While markets in Europe and the United States breathed a collective sigh of relief with the victory of the sober Antonis Samaras and his New Democracy Party in last Sunday’s Greek parliamentary elections, the absence of a substantial market rally immediately thereafter reflected the seriousness of the work that lies ahead.

Greece may have dodged the suicidal bullet of the Syriza party’s transparent proposal to blackmail the EU into dropping its austerity demands, but Greek voters have made clear they will never accept the EU bailout Memorandum in its current form.