Investors are likely to react with alarm to the electoral drubbing handed to Greece's main parties but analysts said there could be a silver lining if Europe is forced to think more seriously about fostering growth.
Greece's PASOK and New Democracy parties - supporters of the country's bailout programme - looked set to capture well below 40 percent of the vote between them on Sunday, making it tough to form a stable government and throwing the country's future in the euro zone into doubt.
France also elected a new president on Sunday, Francois Hollande, a Socialist who has pressed for an end to German-led austerity policies, a sign that Europe's electorates are speaking with one voice.
It is the Greek vote which will dominate financial market attention as investors gauge whether the twice bailed-out country could renege on its debt-cutting terms and throw the whole currency bloc back into turmoil.
The government bond market is likely to feel the impact most keenly with a risk that pressure on other vulnerable euro zone states will increase, sending their borrowing costs higher.