Greek voters went to the polls on Sunday and made their voices heard for political parties in favor of austerity measures and a possible bailout from Germany.
The pro-bailout party New Democracy won the most votes in the election, according to CNN.
Although the election results are considered to be a vote for Greece to keep the euro and dodge a dramatic exit from the currency, that doesn't mean the trouble in Europe will be over any time soon, according to Reuters.
The struggling Italian and Spanish bond markets had a greater effect on Wall Street trading this morning than the Greek election, according to Reuters. After the vote, Greek stocks rose a 4 percent, but enthusiasm didn't last.
The yeild on Spanish 10-year bonds increased to 7 percent, the highest level since 1999, which may not allow Spain to borrow at that high of an interest rate for very long, according to CNN.
The Dow Jones industrial average index lost almost 48 points at the opening bell, and the Nasdaq composite index dropped 13 points, according to Reuters.
Guido Westerwelle, Germany's foreign minister, said in an interview that the conditions of a bailout are not up for discussion, but the time frame for Greece to get its finances in order could be adjusted to receive a bailout from the European Union and the International Monetary Fund. Austrian Chancellor Werner Faymann agreed.
"The conditions that were negotiated have to be observed but we also need to give the Greeks room to breathe," Faymann said in a release. "For example, it must be assured that people have sufficient access to medicine. Consolidation cannot be carried out solely on the backs of the people."