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Greece will remain in the euro, for now.

On Sunday, Greeks chose to give austerity one more try by electing a pro-bailout party, the conservative New Democracy. The leftist Syriza party, which strongly opposes austerity measures imposed as part of the Greece's bailout, placed second in the parliamentary elections.

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The New Democracy party will likely form a government with its traditional rival, the Socialist PASOK party. Together, the parties will need to negotiate a bailout package before the government runs out of money next month.

But can Athens reduce spending and satisfy Germany and Angela Merkel without upsetting Greek voters?

That's fundamentally the problem. The euro is a monetary union, but lacks the political and fiscal union to match. The eurozone has bought itself some time but needs to address structural problems to ensure the common currency's long-term viability.

The Germans are tired of bailing out the PIGS: Portugal, Italy, Greece and Spain. But as long as the Germans proscribe austerity without offering growth, the PIGS have little chance of paying back their loans.

Perhaps the best answer is an orderly exit of the PIGS from the euro. These countries would then be able to control their own monetary policy and become more competitive.

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