Markets are not preparing for an election in Greece this year, but this is a risk that cannot be ruled out.
The mandate of Prime Minister Alexis Tsipras ends in September of 2019. But with key austerity reforms starting in January, and a bailout program expected to end this summer, some analysts fear the government will call a new general election earlier than expected.
"This is indeed one of the risks in our scenario, but most likely after the program ends," Yvan Mamalet, senior euro economist at Societe Generale, told CNBC.
Greece is expected to finish its third bailout program in August. However, some key reforms agreed with international creditors, including cuts to pensions, will only come into effect in January. Some analysts argue that between August and the start of 2019 there is a window of opportunity for early elections.
"There's a distinct possibility that the elections will take place in the second half of 2018," Kyriakos Mitsotakis, the leader of the opposition party New Democracy, said in an interview to Bloomberg last month.