The fate of Greece and whether it will be able to remain within the euro zone will be decided on June 17 as Greek residents take part in a second Parliament election after the first election failed to create a coalition government.

Results are expected to be difficult to forecast as the old ruling party, New Democracy, and the leftist bloc Syriza are locked in a deadlock.

The New Democracy Party is in support of bailout plans for Greece which will help the country stay within the single-currency bloc.

However, Syriza is against the austerity measures and has vowed to overturn the bailout plans if it manages to take a majority seat in the Greek Parliament.

If the leftist parties that are against the austerity measures win the election and demand the plan be scrapped, Greece is likely to default and engage in a messy exit from the euro zone.

A Greek exit could result in a domino effect and push other countries with risky debt levels out of the euro zone.

Central banks in Europe and the United States have prepared measures in the case of chaos in the markets after the election.