It's not yet to the point where new elections have to be held, but it's getting closer. There will be a push by the president to force a coalition and that may take some time. Regardless, austerity is on its deathbed in Greece. BBC News:
Greek President Karolos Papoulias is preparing to hold talks with party leaders in an attempt to create an emergency government.
The move comes after the country's socialists became the third party to fail to form a coalition.
If the president's bid fails, another election will have to be held, probably next month.