ReutersGreek opposition leader Alexis Tsipras, head of the leftist Syriza party.As Greece goes to the polls Sunday, investors are bracing for a volatile reaction in markets. But some analysts say the wider impact is likely to be contained. The results of the vote are all-important for the future of Greece, but their broader effects will be cushioned both by Greece’s isolation from the eurozone financial system and by the massive program of bond-buying launched by the European Central Bank on Thursday, said Lucy O’Carroll, an economist at Aberdeen Asset Management. “The contagion is not completely gone,” she said. “But it is reduced.” Analysts at AXA Investment Management said markets could be volatile in the aftermath. “The uncertainty caused by negotiations between Greece and international lenders is likely to take its toll on risk assets, in the euro area at least.” But they added that even if the radical left Syriza party wins on Sunday, Greece’s elections are likely to have either a “marginal” effect or “no material impact on the rest of the euro area.” Markets in Europe are still digesting the full impact of the ECB’s announcement of quantitative easing which itself came just days after the Swiss National Bank shocked markets by removing the Swiss franc’s cap against the euro, sending the single currency plunging in the days since. In the 2½ years since Greece’s government last collapsed, Europe’s banks have slashed their exposure to the country’s banks and sovereign debt and the region’s other struggling economies have made significant steps toward stability. Greece’s borrowing costs have decoupled decisively from those of Portugal, Ireland and Spain, which recently reached record lows even before the ECB announced it would start monthly purchases of EUR50 billion ($56 billion) in sovereign bonds. By contrast, markets are still demanding a yield of 10% to lend to Greece for 2½ years, whereas its 10-year bonds are paying yields of around 8%. Markets often charge more to lend short-term when investors are worried about the prospect of a default. An expanded version of this report appears at WSJ.com