Greece's two traditional political rivals are in a race to forge a coalition as the state's cash dwindles, bank deposits flee and Europe demands renewed austerity pledges before releasing more emergency aid.

The euro erased an initial advance, stocks fell and borrowing costs in Spain and Italy surged on concern an election win by Greece's biggest pro-bailout party would provide a brief respite from Europe's financial crisis.

Greece will run out of money in mid-July, the Syriza party, which placed second in yesterday's election, said on June 13 after being briefed by Acting Finance Minister Giorgios Zanias. Caretaker Labor and Social Security Minister Antonis Roupakiotis refused to offer assurances pensions will be paid in August, Athens News Agency reported the same day.

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