Alexis Tsipras
Greece's prime minister-elect Alexis Tsipras greets supporters in Athens after Syriza won electionsReuters

The euro fell to an 11-year low as stocks fell on Monday after the Syriza party won a snap election and vowed to roll back years of austerity in Athens.

The leftists' victory has put Greece on course to clash with international leaders over its debt mountain and repayment terms, after it was bailed out by foreign creditors in the wake of the 2009 eurozone crisis.

The euro slid to $1.1098 after the election results were announced, its lowest level since September 2003. It later recovered to $1.1184, which remained 0.2% lower than a week ago.

Addressing supporters in the Greek capital, Syriza leader Alexis Tsipras said the new government would work "for Greece and its people to regain their lost dignity." The era of bending to foreign demands for state budget cuts had ended, he added.

The Greek prime-minister elect is set to form the first eurozone government that opposes austerity conditions imposed on sovereign states by the European Union and the International Monetary Fund.

The prospect of Athens renegotiating its bailout conditions increases the likelihood of Greece dropping out of the eurozone, otherwise known as the "Grexit".

Analysts are in broad consensus that this outcome is less likely than it was at the height of the eurozone crisis in 2011-2012, as European policymakers are now better equipped to manage indebted countries.