It is impossible not to view the Greek elections without considering their longer-term impact on the UK's own austerity policies, though many observers and think-tanks believe deficit-reduction in this country is more smoke and mirrors than reality – except that is for local government, which continues to bear the burden of cuts.

Last week figures from the Office for National Statistics showed that public sector net borrowing last month was £13.1bn, an increase of £2.9bn compared to December 2013 and mainly down to central government borrowing.