According to American business news channel CNBC, the market’s reaction to the threat of political instability in Greece, triggered by PM Antonis Samaras’ decision to call a snap presidential election is blown way out of proportion.

Despite the fact that the Athens benchmark index dropped 7% on Thursday, adding to its 13% crash on Tuesday, the worst loss since 1987, some analysts say that the Greek selloff is exaggerated.

“Greece has come a long way, they have done structural reforms, and they just need to resolve the last piece of the puzzle. The risks are serious but it’s an over-exaggeration. The country has done structural reforms and they will be able to get this last piece done,” Naeem Aslam, chief market analyst at AvaTrade, told CNBC.

“The market reaction to this new level of political uncertainty is a big overreaction. We already had uncertainty in the sense that we didn’t know if we could elect the President of the Republic [in March] and thus, have or not have snap elections, but now this has come down the road,” said Kostas Botopoulos, chairman at Hellenic Capital Market Commission.