Today's Coming Crisis Movie

Wednesday, May 16, 2012

Greece sets election date amid €800 million bank run

Athens, Greece (CNN) -- Greece will hold new elections on June 17, state media reported Wednesday, after Greeks pulled hundreds of millions of euros out the banking system amid fears that the country will not be able to stay in the European Union's single currency.

Setting the date for a new vote comes 10 days after a national election where voters punished the major parties for harsh budget cuts, leaving no party able to form a government.

A caretaker administration led by a senior judge will run the country until the new vote.

The interim prime minister, Panagiotis Pikrammenos, will go to the office of President Karolos Papoulias to receive his official instructions Wednesday, Greek state television reported.

As Greek politicians met Wednesday to set the new election date, German Chancellor Angela Merkel said she regretted the suffering of the Greek people in the face of harsh government budget cuts. Read More