The article deals with the programs of Greek political parties and key results of snap elections in May and June 2012. The main questions are: will the austerity policy, implemented since 2010, continue, what is in store for Greece, if further reforms become politically unacceptable, and what are the chances that the Greek political crisis spreads to other South European states. The author concludes, that neither Greek nor EU decision-makers can propose effective program to establish economic growth. In these circumstances we see the rise if radical and populist political parties. If other European countries face the same economic problems, their political landscapes can undergo significant changes.