As it stands, left-wing opposition party SYRIZA looks to take first place in the European elections, although New Democracy is a very close second.
"If SYRIZA manages to get a percentage higher than that of the governing coalition, there will be a political earthquake," Dimitrios Papadimoulis, who is standing as a Member of European Parliament (MEP) for SYRIZA, told Greek newspaper Naftemporiki.
The difference between the two leading parties is now just 0.5 percent, according to the latest poll by Mega TV/GPO, after New Democracy got a boost from an improvement in Greece's economic data and the country's return to bond markets last month, after four years.
"Snap elections are possible, if the ruling coalition doesn't fare well now," Elena Panaritis, founder of the think tank Thought 4 Action, told CNBC. ""It will mean that the (government's austerity) program will be challenged."
Economy in focus
Read MoreInvestors are gaining appetite for Greece's debt
Not for the first time, Greece's economy will be the focus of much campaigning over the following two weeks. On the euro zone's periphery, the country was hard hit by the global financial crash of 2008, was forced to request an international bailout and has since undergone tough spending cuts and reforms.
But according to the European Commission, Greece still faces a funding gap of 5.5 billion euros ($7.6 billion) through to the end of May next year. The country is hoping to agree on some form of debt relief from its European partners.
Amid all this – and as both elections loom - the IMF stressed that political stability would be key in its review of the country's progress.
"Greece's European partners and lenders have agreed to debt relief, provided that Greece keeps its commitments to implement previously agreed reforms," International Monetary Fund (IMF) Spokesman Gerry Rice said during a press conference last week.
"In the Greek programme, like other programmes, political stability is an important issue."