[yframe url=’http://www.youtube.com/watch?v=E4AXJx3IzdY’]The dawn was anything but golden for everyone but the Greek Nazis today. Although they got less than ten percent of the vote, it was enough to get seats in Parliament for the first time. As Wikipedia tells us, the party’s charter declares that “only Aryans in blood and Greeks in descent can be candidate members of Golden Dawn.” Their flag proudly advertises their heritage, though as we understand it, the original Nazis would have held them in utter contempt. (The real Nazis believed modern Greeks weren’t ‘Aryans’ at all, but were degenerate, mixed-race untermenschen sunk in corruption and sloth who needed a strong German hand to keep them on track.)The Via Meadia twitter feed was in overdrive last night as the election returns came in. Business Insider‘s Joe Wiesenthal had some of the choicest tweets (and insta-posts) on the topic: “Check Out This Video Of Greek Nazis Behaving Exactly Like You’d Expect Nazis To Behave” (we’ve embedded the video above) and “16% Of The New Greek Parliament Is Communists And Nazis” should get awards for headline-writing if for nothing else.Nouriel Roubini, the celebrated Dr. Doom whose writing before the market crash proved to be quite prescient, was also concerned. “Results of Greek elections increase probability that Greece will leave the Eurozone by next year.” “Greece in political chaos while the recession becomes a depression. It looks like a train wreck leading eventually to default and exit.” “Result of Greek elections much more serious than the French one as the former leads to chaos while Hollande will turn out to be a moderate.” “Greek parties in favor of a Troika program & policies to be able to keep the euro get only 33% of vote. Radical right/left parties get 66%.“Nouriel has a lot of this right. As the night wore on it gradually became clear that the sickly pro-bailout parties Pasok (left) and New Democracy (right) failed to gain a majority between them. Though they fell short of a majority by only two seats, their combined votes add up to only one third of the total and it’s hard to see a pro-bailout government staggering on for very long.Yet the two thirds of the voters who rejected the pro-bailout parties didn’t produce a mandate for any coherent alternative policy. That’s because there isn’t one. The only thing worse for Greece at this point that sticking with the euro and accepting the pain that austerity brings would be to leave. Given Greece’s huge burden of euro denominated international obligations, its need for external finance and the complicated situation of its banks, leaving the euro now would reduce living standards even faster than the austerity plan.More, the two thirds of the Greeks who voted against the bailout voted for an incoherent mix of parties who hate one another and have nothing in common. The extreme leftist parties are bitterly divided by longstanding factional, doctrinal and historical disputes. And the neo-Nazis of the Golden Dawn party are unwilling to work with the reds.The one policy option that Greece has now is to avoid a rupture with Europe but to go back to Brussels and try to get a better deal. This is the policy that Antonis Samaras, the leader of the party with the most seats in the new parliament advocated during the election campaign. Under the Greek constitution, he now has five days to form a government that will command a majority in parliament; if he fails, the anti-bailout “Coalition of the Radical Left” party which came in second gets a chance. And if they fail, the third place, pro-bailout Pasok (moderately leftist) gets a chance.If as now seems likely, nobody can get a majority, Greece votes again in in a few weeks. The trouble is that by that time, Greece could well be out of money to pay pensions and civil service salaries. Some think this would force Greece out of the eurozone; possibly the government would just pay employees and pensioners in scrip — a promise to pay later that could be used to pay certain bills or traded at a discount for cash.The centrist Greeks in New Democracy and Pasoc are hoping that Brussels is worried enough about chaos in Greece and its potential to create trouble throughout the eurozone that Europe’s financial leadership will replace the current austerity program with something a little more palatable to Greek voters. With French president-elect Hollande demanding a less austere policy for Europe as a whole, Greece might benefit from a general loosening of the financial hardline. If things move in that direction, it’s possible that a coalition of the two big parties might be able to form a lasting government of some kind, possibly after another round of elections in June.But the Germans are sick and tired of the Greeks. The Germans believe — correctly — that the Greeks lied their way into the eurozone in the first place, and that both Pasok and New Democracy governments cooked the books and fiddled the statistics ever since. The Germans however are unwilling to face their own complicity in the fraud, or to accept the reality that bad German banking supervision as well as stupid German bank managers share responsibility with dodgy Greek debtors for the huge financial mess.It is an ugly, dreary scene. The Greeks have to hope that their problems trigger a massive European crisis that leaves Germany no choice but to pour hundreds of billions and even trillions of euros into bailouts and stabilization funds. The Germans have been doing everything they can think of to contain the effects of a Greek crisis to Greece precisely to avoid that kind of Greek blackmail.Nobody knows how this will work out. The world is watching the financial markets to see just how bad this latest shock will be. In the short term, it is likely to be less severe than some fear. Not only have investors seen this coming for some time; we can be sure that the world’s central banks are standing by to prevent a meltdown and the printing presses will go into overdrive if that is what it takes.But the reality is that public opinion across Europe, in France and Germany as much as in Greece, rejects the policy adjustments that could make the euro viable. Yet elites across Europe continue to believe, firmly, that saving the euro is a vital and necessary task.Irresistible force, meet immovable obstacle.