In his latest Sunday Start note, Morgan Stanley's Joachim Fels sees pretty huge stakes on the Greek election.

"No less than the future of Greece’s membership in the euro and the EU is at stake in the Greek election next Sunday. True, the polls suggest a majority for the two parties supporting the current government and the adjustment programme", he says.

However, Fels adds, if the pollsters get it wrong and there is no stable majority for a continuation of the current policy path in the new parliament, Greece might abandon the programme, the European partners might withhold further aid payments, and Greece might decide to leave the euro to monetise her debts and deficits – thus joining the US, UK and Japan in the printers’ club.