London: Greece’s future in the Eurozone may hang in the balance once more, but investors believe the market fallout from any current political turbulence can be insulated, unlike during the region’s sovereign debt crisis of 2012.

Investors are betting that a rout in Greek markets, sparked by the latest political upheaval in Athens, will not spread, placing their faith in firewalls built following the Eurozone debt crisis.

In fact, an HSBC list of the 10 biggest market risks for 2015 does not even mention Greece, even though if the Greek parliament fails to elect a new president by the end of the year, parliamentary elections would be triggered in which anti-bailout party Syriza would be favourites.

Of course, whether the market can remain so sanguine will depend on external factors, including the financial turmoil in Russia. So far, however, any prospect of Greek default and exit from the Eurozone has been greeted with relative calm in other peripheral Eurozone economies, such as Italy and Spain.

“The market believes that the rest of the Eurozone can isolate the Greek problems and survive,” Christian Schulz, an economist at Berenberg, said.

Greek shares and bond prices have plummeted since Prime Minister Antonis Samaras unexpectedly called an early presidential election a week ago. It raised the spectre of May 2012, when the prospect of a “Grexit” sent yields in Italy and Spain close to all-time highs and stock markets plunged.

This time, damage to assets in the rest of the Eurozone has been limited.

The price of protecting against a Greek default using five-year credit default swaps must now be paid upfront, a classic sign that investors fear Athens might not repay them in full.

It would cost $3.2 million up front to insure $10 million in debt. By comparison, Italian CDS have barely ticked up and cost investors $148,000 annually.

This relative calm is based on the assumption that if Greece defaulted the impact on private investors would be limited because 83 per cent of Greek government debt is held by the public sector.

Furthermore, if panic did spread, other debt-laden countries could seek help from the European Central Bank and the European Stability Mechanism’s bailout fund, inaugurated in October 2012.