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Greece election poses a crucial dilemma

Europe and global financial markets brace themselves for the outcome of Greece's vote on June 17.

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A woman pass by replica of an ancient Drachma coin in Athens. The Greek electorate are due to go to the polls in a re-run of the general election on June 17, 2012 after no combination of political parties were able to form a coalition government. (Milos Bicanski/Getty Images)

Parties in Greece are making their final pitch for votes today before the crucial election in the debt-laden country on June 17.

This will be Greece's second attempt in six week to elect a government; the first, on May 6, didn't produce a majority or a working coalition.

The outcome of the vote could determine whether Greece will stick with the austerity measures required under the terms of an international bailout. If Greece rejects the heavy budget cutting, it risk expulsion from the euro.

The uncertainty regarding Greece has been hanging over global financial markets for months. Though analysts doubt that Sunday's election will lead to a quick resolution, the election will help determine whether the financial crisis is slowly coming under control or is becoming much worse.

According to BBC News, unofficial opinion polls suggested a fall in support for anti-bailout parties.

Official opinion polls are banned in Greece during the two weeks preceding the elections.

According to the Associated Press, the June 17 vote is being seen by analysts as a referendum on the euro.

European Central Bank President Mario Draghi hinted at interest rates cut today, saying that the ECB was ready to step in and fund any viable euro zone bank that gets in trouble, CNBC reported.

"There are serious downside risks here," Draghi told the annual ECB Watchers conference in Frankfurt, two days before a Greek vote that could set Athens on a path out of the euro zone and stoke turmoil in financial markets.

More from GlobalPost: Commentary: Time for compromise, not payback, in Greece

http://www.globalpost.com/dispatch/news/regions/europe/120615/greece-election-poses-crucial-dilemma