“Is a new Greek drama on tap for markets? ” American journalist of CNBC network asked head of U.S. strategy at Newedge Larry McDonald.

“It was two years ago that a potential Greek exit from the Eurozone became the market’s prime concern. But fresh concerns emanating out of Greece could once again have dire implications for global market” he said.

What worries American investors, according to McDonald, is the upcoming presidential elections in Greece. If the current government fails to get the support of the required 180 MPs, says McDonald, then a “snap parliament election is held leading to a victory for the Greek far left, which is opposed to European Union bailout measures. The political moves of a newly empowered left could thus lead to a Greek exit from the euro zone”.

As he continues “Greece never left [the EU] in 2012, but the threat of it in June 2012 took U.S. equities down anywhere between 9 and 11 percent,” adding that “We just went through that, and I think this is definitely a part of why we sold off, because the situation in Greece is definitely impacting the euro zone.”