The Greek stock market jumped 10% today on rumors that Sunday’s election will actually result in a government favorable to staying on track with the original bailout agreement and therefore Greece will stay in the Eurozone. The rumors apparently came from an “unreleased” public opinion poll which showed New Democracy, the party that advocates staying in the Eurozone, leading.

But Greek law forbids the release of opinion polls within 2 weeks before an actual election so who knows about the reliability of today’s rumor. Yet it emphasizes how desperate stock investors are in Greece, and around the world, for a decision on Greece and its role in the Eurozone.

Reporters Descend on Athens

All the financial media outlets have sent reporters to Athens to cover the story. We’re now getting inundated with stories about what cab drivers are “seeing” in the Greek economy and how Greeks are stocking up on canned goods.

Remember, no political party is actually advocating leaving the Euro. SYRIZA has only advocated getting more favorable terms on the bailout deal. Of course, it has threatened to leave the Euro if it doesn’t get it but a threat is not the same thing as actually doing it.

After all, the political parties will actually have to form a government. As we saw after the last election, that is easier said than done. It’s not as if we’ll all wake up on Monday morning with an absolutely clear understanding of where Greece stands.

The worst immediate fear is a run on the Greek banks, but the Greek Central Bank has the ability, backed by the ECB, to inject cash into the system if that were to happen. And besides, Greeks have already been withdrawing money in large amounts from the banks since the last failed election.

Much Ado About Nothing On Sunday?

With everyone getting riled up, is the Greek election going to turn into another “non-event” for global stock investors?

Or will Greece’s decision on Sunday really completely change the Eurozone crisis landscape?

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