Greek snap elections: What's in it for Greece and the rest of the world

Greek's election period comes to its final stretch this week. However, even with the Sep. 20 deadline looming, poll results are still too close to call -- possibly risking implementation of the bailout terms just finalised last July. After staying in the headlines for more than six years, causing global economic and social concern, the Greek snap election is bound to change the tides with bets all off possibly for the good or bad of the country.

Pollsters claim that Syriza leader Alexis Tsipras and Evangelos Meimarakis, from the opposition, are running neck-and-neck. If this pushes onwards, Greece's national ballot may depend on a televised debate, undecided voters or a turnout.

“The question of the previous election, in January, was whether Tsipras’s Syriza party will win an outright majority." Athens-based Marc pollsters head, Thomas Gerakis, told Bloomberg.

“The question in this election is which one is going to win, and also the ranking of the other parties.”

What the Elections Will Mean for Greece

Former Greek Prime Minister Alexis Tsipras of the left-wing Syriza party resigned in August, concluding the coalition government between Independent Greeks (ANEL) party and Syriza. Syriza took the victory in the previous elections in January specifically because of anti-austerity agenda, although that changed eventually following months of struggling talks with Greece’s European creditors regarding the new bailout deal. Greece nearly came to a default during such period closing banks and forcing capital controls.

Even with the July referendum, many of the Greeks showed their disapproval over Europe's bailout proposal -- more importantly the harsh terms that come with. Tsipras agreed to the demands of the creditors eventually, making way for a new range of austerity measures in exchange for funds. However, Tsipras’ Syriza party was greatly reduced as many did not like the government’s agreement with the lenders. The only way forward is to conduct fresh elections that can allow or reject Tsipars to continue with this leadership and bailout agreement terms. The people's verdict on Sep. 20 will determine whether the bailout agreement will be realised or other means will be preferred to save the economy from remaining in ruins.

Undecided Country

Around a fifth or tenth of the voters are still yet to decide. The disarray is evident on the polling data published ahead of the election. The two primary parties -- New Democray and Syriza -- are still yet to reach a majority. The referendum has taken its toll and if the elections on September 20 will not address the pressing issues, another ballot can ensue. According to Economist: "The most likely outcome of next week’s ballot is yet another coalition and yet more austerity. But don't bet on it. Tsipras, whose party is likely to win the most seats, is against alliances with other major parties. If the numbers do not add up and the big parties fail to reach an agreement, next week’s election might just lead to another."

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