NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are falling by 9.34% to $1.79 at the start of trading this morning, as Greek politicians failed to elect a new president in a vote held on Monday.
The country's Prime Minister, Antonis Samaras, backed presidential candidate Stavros Dimas, but Dimas failed to secure enough votes which will result in a snap election in early 2015, CNBC.com reports.
After the results of the vote were announced Samaras said he will request parliament dissolve on Tuesday and that the snap election will be held on January 25.
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The prime minister's political party is falling behind the Syriza party in opinion polls, CNBC.com added.
There are concerns that if the popular anti-austerity party is elected in January, Greece's international bailout will be placed in danger.
The Syriza party has vowed to get rid of Greece's austerity policies if elected. These less than popular cost cutting measures were a condition of the country's bailouts, which are worth $296 billion, CNBC.com said.
"Investors are concerned that... it is highly likely that anti-austerity party will become the ruler of the country and this will be a major threat for the country's remarkable progress which is running a current account surplus now," Naeem Aslam, the chief market analyst at Ava Trade, told CNBC.com.