Greece's political turmoil entered its fourth day, with coalition talks deadlocked, raising the possibility that another election will have to be held as early as next month.

Evangelos Venizelos, the socialist Pasok leader and former finance minister, will try to form a government when he receives a three-day mandate from President Karolos Papoulias today. Pasok yesterday rejected terms for a government set by Alexis Tsipras of anti-bailout Syriza party, which then gave up its bid to build a coalition.

“There is no time to lose,” Venizelos said in Athens yesterday on state-run NET television. “We can't take any decisions that worsen the recession, increase unemployment or endanger the real economy. That means no new elections, no instability, no uncertainty: to remain in the euro.”