Greece to dissolve Parliament for new elections on June 17

Greece's Parliament is to be dissolved so new elections can be held June 17.

The decision was announced on Friday after an inconclusive election left squabbling politicians unable to form government, deepening the country's political crisis and jeopardising its membership in Europe's joint currency.

In a symbolic move on Thursday, the 300 legislators elected on May 6 were sworn in for just one day. A caretaker government has been appointed to lead Greece until the new election but it can't make any binding decisions.

The political turmoil comes at a critical time. Greece must make more cutbacks next month to get new funds from its international bailout, which has kept the country afloat since May 2010.