It was Black Tuesday in Greece as the Athens stockmarket dropped by 12.78%, setting a 27-year-record in the biggest slide for the index according to FactSet. The collapse is worse than the 9.7% drop that had been noted in October 24,2010. Following the biggest single-day drop since 1987, Greek politicians, economists and analysts are waiting with baited breath to see what Wednesday will bring for Greek shares.

The collapse came after markests were spooked by conservative New Democracy (ND) Prime Minister Antonis Samaras’ unexpected announcement that the presidential vote would be brought forward on December 17 from February 2015. The outcome of the presidential election is seen as a vote of confidence for the current government and increases the risk of snap elections for early 2015.

“While we had stabilized ourselves financially and embarked on a period of recovery, clouds of instability were forming inside Greece,” said Mr. Samaras on Tuesday. “With the presidential election from the Greek parliament, the clouds will clear up so that our country can be officially ready to embark in the post-bailout era.” He links the presidential vote to the end of Greece’s unpopular program.

Hours after the announcement of the vote, he nominated former European Commissioner Stavros Dimas as his candidate.

Main opposition Radical Lefty SYRIZA leader Alexis Tsipras said that the announcement was a “desperate attempt” to overshadow a new tide of austerity measures. The main opposition Radical Left SYRIZA party that opposes the 245-billion-euro bailout by the European Union and the International Monetary Poll is leading the polls.

What does the international press say?

Financial Times’ article titled “Snap election in Greece reignites fears for eurozone” quoted Charles Robertson, chief economist at Renaissance Capital, who said that “a possible SYRIZA election victory may force the eurozone to choose between a fiscal union (debt write off for Greece or the first Euro exit.” The Independent refered to “Black Tuesday” and refered to business analyst George Tzogopoulos’ who says that the presidential election is the correct decision to give an end to a long pre-election period and a climate of political instability.

Italian La Republic blamed Greece for triggering vibrations in the euro, whereas Bloomberg said Greece was lurching back into crisis mode.