Athens ( CNN ) -- After yet more financial turmoil and political wrangling , citizens in Greece readied to hit the polls Sunday to decide an election that may determine the debt-stricken country 's future in the eurozone and significantly impact the global economy . Two parties , New Democracy and Syriza , are considered to be front-runners going into the vote . Campaigning has now ended but in the last official polls they were running neck-and-neck . No new polls are allowed in the 14 days before voting takes place . What will Greek elections mean for the country 's future ? Should a working majority emerge under the leadership of the moderate New Democracy party , Greece may follow through with the next installment of public spending cuts demanded by its `` troika '' of creditors : the European Commission , the International Monetary Fund and the European Central Bank . But if the left-wing Syriza party emerges as the largest , with its commitment to tear up the current bailout agreement , markets will begin to anticipate a `` disorderly exit '' from the eurozone . Sunday 's election was called after an initial ballot on May 6 , the first since Greece 's financial crisis exploded , failed to deliver a majority for any one party and talks to create a government failed . Since then , Greece -- whose people have been suffering under a heavy burden of painful austerity measures , high unemployment and a long-running recession -- has been roiled by uncertainty and division . Global markets have also been volatile amid fears that Greece could exit the euro currency union , a step that could drag down other ailing euro nations and send shock waves through the world 's financial markets . Many voters were focused on Greece 's Euro 2012 soccer match against Russia on Saturday night in Warsaw -- a welcome distraction from the political drama playing out at home , especially after Giorgos Karagounis 's goal helped propel the Greek side into the high-profile tournament 's quarterfinal round . A wild election weekend for Greece , France and Egypt . Some analysts fear Sunday 's election could again result in no clear winner , leaving Greece with a weak caretaker government at a time when the nation needs clear leadership . Syriza leader Alexis Tsipras has threatened to renege on the terms of Greece 's bailout , but he has also expressed a desire to remain in the euro currency union . Antonis Samaras , leader of New Democracy , has said his party wants to remain in the eurozone and alter existing policies , including stringent austerity measures , to `` achieve development and offer people relief . '' New Democracy and the Socialist Pasok party were punished by voters in the last election for supporting the bailout program , as well as for agreeing to the austerity measures that came with it . Greece must identify additional budget cuts by the end of June to be considered `` compliant '' with the terms of its bailout program . The future of Europe : 3 scenarios . Speaking to his Cabinet for the last time Friday , interim Prime Minister Panagiotis Pikrammenos praised the spirit of teamwork the caretaker government had shown in office . In these difficult hours , he said , `` Greece will have a much better outcome if we all put aside our differences and work towards the common good of this nation . '' His government had dealt with very difficult issues in the past 30 days , he said , and its work would continue until a new elected government was in place . The situation in Greece is likely to be on the minds of world leaders as they meet in Mexico on Monday for the Group of 20 summit . Some experts argue that a potential Greek exit would be manageable , assuming the European Central Bank and European Union policymakers respond aggressively . As economic crisis bites , Greece 's children pay the price . But others worry that such an unprecedented event would cause chaos in financial markets and shock the global economy . What does it mean to be Greek right now ? Tell us on CNN iReport . CNN 's Irene Chapple and Christine Theodorou contributed to this report .
NEW : The Greek national team 's win in Euro 2012 is a welcome distraction . Greek voters are preparing to go to the polls Sunday in a pivotal election . Observers say the country 's future in the euro currency union hangs in the balance . The left - wing ruling party has threatened to resign on the terms of Greece 's independence .