Analysis of the landscape in Greece in view of the elections of May 21 presents it Reuterspointing out that there could be near-term uncertainty over the possibility of no coalition government being formed as markets await the day ahead.

The prime minister’s strong relationship Kyriakou Mitsotakis with the European Union and a commitment to reform should reassure investors if he is re-elected. A strong economy means a SYRIZA victory may not upset markets as it did in 2015, Reuters comments.

“Since the brink of the cliff in 2015, when it almost left the Eurozone, Greece has evolved and is not a cause for short-term concern,” said its chief economist Capital Economics for Europe, Andrew Cunningham.

Here are five key shopping questions.

1. What is the biggest problem for voters?

The crisis of inflation, as the purchasing power of consumers weakens. Inflation hit 12.1% in September and has since slowed to 4.5% year-on-year as energy prices fall. Average annual wages are still around 25% below their peak since 2009, according to OECD data.

“There’s been a huge squeeze on wages over the last 10 years and people have really felt it in their pockets,” said Wolfango Piccoli, co-chairman of the financial advisory firm. Teneo.

2. What do the elections mean for Greece’s return to investment grade?

With three of Greece’s four credit ratings sitting just one notch below investment grade, the election could be the last hurdle for the country to regain the status it lost a decade ago.

S&P Global said it could upgrade Greece’s BB+ rating within the next year if a new government maintains fiscal discipline and the pace of reforms that unlock EU recovery funds.

Goldman Sachs says the implementation of Mitsotakis’ plan to roughly triple its spending on EU funds this year could be the “final step” for an upgrade.

Greece’s long-term borrowing costs, at around 4%, are already lower than Italy’s, and the recovery of investment grade may drop them to even lower levels.

But much of the good news about Greece’s rating may already be priced in, BlueBay Asset Management portfolio manager Kaspar Hense said.

3. Will foreign investors leave if Mitsotakis loses?

Amazing. Investors see Mitsotakis as a steady hand given his strong ties to the United States and Brussels, but views of SYRIZA have changed a lot since the financial crisis. Greece also has one of the best growth rates in the eurozone.

“Investors are looking for political stability first and will welcome a return to the Mitsotakis government,” Teneo’s Piccoli said, adding that “it is clearly in favor of the market.”

The possibility of a SYRIZA-led government may have dampened sentiment, but a repeat of 2015 is seen as unlikely.

“SYRIZA has become much more mainstream since joining government, so there is little chance we will see a repeat of the volatility of 2015,” said its chief economist Mazars Wealth ManagementGiorgos Lagarias.

4. What do the elections mean for Greek stocks?

A decisive victory for ND or SYRIZA could bring short-term outperformance.

The Athens Stock Exchange is up about 21% so far this year, while Europe’s STOXX 600 is up 10%. The shift to banks, fueled by rising interest rates, helps explain the outperformance of the ASE.

Investors will monitor the government’s plans to sell its holdings in Greek banks.

The state-run Financial Stability Fund, set up during the debt crisis, says it will divest its banking holdings by the end of 2025. It owns about 40% of National Bank of Greece, 27% of Piraeus Bank, 9% in Alpha Bank and 1.4% in Eurobank.

“The good news is that after the election and the return to the investment grade there will be much more interest and better valuations for banks,” said Al Alevizakos, senior executive at AXIA Ventures Group.

5. What about the euro?

Elections, which have been a trigger for selling the euro in the past, are not important for traders this time.

The EU’s Recovery Fund and an emergency bond-buying tool from the ECB have eased fears of a breakup of the eurozone.

“The whole issue of regional pressures has really taken a back seat,” said Adam Cole, senior executive at RBC Capital Markets.