JPMorgan analyst David Mackie said that if a stable coalition is formed, the new government would most likely seek to renegotiate "the contours" of Greece's bailout, but in a way acceptable to bailout creditors.
"We do not expect an outright rejection of the program which would significantly raise the likelihood of Greece leaving the euro area," he said.
Both main parties have pledged to respect existing bailout commitments, with minor tweaks. PASOK is advocating a one-year extension in meeting deadlines, while ND is promising an income boost for the worst-off pensioners, large families and farmers.
"No program can work in a society that's breaking up," conservative leader Antonis Samaras said.
Tsakanikas said Athens must first show results with structural reforms, privatizations and removing bureaucracy.
"Then we could ask for some extensions in the targets that have been set," he said. "I'm not talking about a huge re-evaluation."
Nicolacopoulos believes Greece can meet its savings targets without further income cuts, by shifting the focus to wasteful spending and tax evasion.
"If the new government needs some help, it will not be in meeting its targets but in how it implements the necessary policies," he said. "It won't be the end of the world if the measures taken in June stretch to include 2015."
Nicolacopoulos said Greece's bailout program was not at threat from anti-austerity parties since they would likely not be needed to form a coalition, as much as from popular resentment.
"Whether the anger continues will depend on economic policies," he said. "I think the country has reached its limits with fiscal adjustment, and cannot take further pressure as it is at the point of exploding."
Nevertheless, analysts are hopeful that a strong pro-bailout coalition government can be formed.
"I think the two leading parties and other smaller parties understand what the stakes are," said Tsakanikas. "These are by far the most important elections in the past 20 years."
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