Experts are warning that the political situation in Greece has become "critical" with left-wing, anti-bailout party Syriza forecast to grab the largest share of votes in this month's snap general election.
Ahead of the election on January 25, opinion polls point to a Syriza victory. However, while investors know the current coalition government will work to ensure Greece remains on the right track and stick to the spending and reform measures laid out in the country's bailout program, Syriza remains a highly risky unknown quantity.
"The situation in Athens is quite critical at the moment because we see that a new government and new party could be in power, according to the polls but markets don't know the economic program of Syriza," Nikolaos Georgikopoulos, visiting research professor at the NYU Stern School of Business, told CNBC Monday.
"This uncertainty could have an effect on the economy, especially in Greece where the economy is still fragile," he said, adding that the possibility of a Greek exit from the euro zone should be taken "very seriously."
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Syriza holds the lead against Prime Minister Antonis Samaras' New Democracy party in nine opinion polls published in the Greek media over the weekend.
Collating the reports, the Wall Street Journal reported Sunday that the polls showed that Syriza party could win the vote by a margin of between 2.7 and 8 percentage points, though with most of them showing a difference of around 3 percentage points on average. A tenth poll in a pro-Syriza newspaper gave the party an 8 percentage-point lead.
Greece is more stable economically now than in 2012, following several bailouts totaling 240 billion euros ($283 billion) and the implementation of tough cost-cutting measures . However, the cuts imposed by the Troika of organizations - Greece's fellow European countries, the European Central Bank and the International Monetary Fund -- have proved very unpopular with the Greek people.
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This has helped Syriza -- which campaigns on an anti-austerity platform -- gain voters. Syriza has always said it would seek to renegotiate Greece's bailout agreement but any disagreement with international lenders could push Greece dramatically out of the euro zone.
Although Greece finally exited six years of recession last year there are fears, then, that a Syriza win could severely damage the country's fledgling economic recovery.
Speaking to CNBC from Athens, Georgikopoulos said that Syriza's economic policy could be determined by either the more radical or moderate elements within the party, though he hoped that the latter would prevail.