Relief from Greek election likely to be fleeting

A currency trader reacts during a morning session at the foreign exchange dealing room of the Korea Exchange Bank headquarters in Seoul, South Korea on June 18, 2012. AP Photo/Ahn Young-joon

(AP) FRANKFURT, Germany - Europe is still in big trouble - despite an election result in Greece that lessens the likelihood of an imminent disaster.

Victory by a party supporting Greece's bailout deal opens the way for negotiations with its international creditors on giving it more time and room to fix its broken finances.

And European officials are signaling a willingness to talk and avoid a disastrous aid cutoff that could force Greece out of the euro.

However Spain's borrowing costs are climbing ever higher and Europe's governments are struggling to agree on putting new foundations under the euro and drag it out of a crisis over too much government debt.

And any hopes that a key June 28-29 summit of European leaders may produce any bold recue plans look likely to be dashed.

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