According to international media reports, the European Union is deeply concerned over the political instability in Greece as, in a few days, the Greek parliament may fail to elect a President of the Republic and the government may be forced to call snap national elections.

The renegotiation pursued by main opposition SYRIZA party carries the risk of Greece exiting the euro, which will be a real test for the EU, Bloomberg analysts note.

Holger Schmieding, chief economist at Berenberg Bank in London says that Greece has a 60% chance of holding snap national elections. Schmieding also told Bloomberg that if Greece leaves its program or simply if the markets believe that Greece is not in some kind of program then the economic crisis and financial woes will return in the country.

EuroInsight reports that the EU is quietly preparing a “plan B” amid fears of snap national elections in Greece, stating that in the event SYRIZA manages to win the national elections, hardliners within Europe may decide to avoid giving further extensions to Greece in an effort to exercise pressure and keep the deadlines.