The Prime Minister is warning it's not the time yet to pop the champagne corks over Greece's election result.

The centre-right New Democracy party appears to have won the latest election and John Key says that means the chances of coming out of the Euro Zone have lessened.

But Mr Key says all the problems in Greece and Europe remain.

"The immediate market reaction has been positive, but I don't think too many people are popping champagne corks just yet. The best thing to say about the election is that it may have avoided things getting immediately worse."