Sinche said he expects the Syriza party could threaten a "Gr-exit" from the euro zone, but it would never seriously consider it. However, the troika of lenders may in fact bend to some of its wishes. The troika consists of the ECB, the European Commission and the IMF, which said Monday that Greece faces no imminent funding issues.
"Discussions with the Greek authorities on the completion of the sixth review of the program that is being supported by an Extended Arrangement will resume once a new government is in place, in consultation with the European Commission and the European Central Bank. Greece faces no immediate financing needs," said an IMF spokesperson.
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Samana notes that opposition leader Alexis Tsipras has softened his tone, and no longer calls for an exit from the euro zone. While his party could gain the most votes in a general election, it looks like it may have to form a coalition to rule.
Greek stocks fell 3.9 percent Monday, and the yield on its 10-year bond rose to 9.638 percent. Yields on Spanish and Italian debt also rose. While Europe's markets were broadly affected by Greece on Monday, the major markets of Germany and France closed higher.
Barclays strategists expect Greece to inject Europe's peripheral markets with volatility while its election and dealings with the troika shake out. The strategists said if a coalition government is required, it will need more time to form and that will bring a higher level of volatility.
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The strategists, in a note, point to a more moderate tone from Tsipras, who they say has called for a write-down of about a third of Greece's debt but prefers not to use default as a tool.
Sinche also expects Syriza to be more moderate than initially expected.
"I think they would realize the economy would collapse, and it would doom them politically for a long time. I think what they want to do is go to the brink again and negotiate better terms," said Sinche.
"When the troika was playing hard ball, they were playing hardball with Greece, with Spain and Italy and everyone else lined up behind them. This is not being brought on by economic conditions. This is being brought on by political issues in Greece. Europe is not very strong but it's out of recession. Most countries look like they're growing."
The question now is whether Greece would qualify for support in an ECB quantitative easing program.
Barclays strategists expect the ECB to announce a QE program on Jan. 22. "It is likely that a troika program would be a necessary condition for the ECB to include GGBs into the QE program," they wrote.