The direction markets take Monday morning will undoubtedly be decided Sunday in Greece, where voters will decide between a pro-austerity party and an anti-austerity party.

The outcome of the election has huge ramifications for Greece, Europe and global markets.

A vote in favor of the anti-austerity Syriza party, whose leaders have vowed to reject budget cuts required as terms of a bailout for the debt-addled nation, could force Greece out of the 17-member eurozone, a move many analysts see as a potential catastrophe.

With funding cut off to Greece, a messy default is inevitable and the contagion will spread quickly to faltering economies in Spain, Italy, Portugal and elsewhere, the thinking goes.

Central banks around the globe have promised to act if necessary in the event the Syriza party emerges victorious in Greece and global markets show signs of panic.

Either way -- a win for austerity or a loss for austerity -- Monday looks to be one of the more interesting days on Wall Street in recent years.