Five years ago the toxic potential of Greece's debt burden had a direct impact on the formation of the Conservative and Liberal Democrat coalition government in the UK.
This morning, the landslide election win of Greece's Syriza party has given them a mandate to address Greece's crippling debt burden and by proxy to once again impact on the UK economy and political landscape as the UK approaches its next general election.
The far-left Syriza party ran on an aggressive anti-austerity ticket, tapping into public anger at an economic programme which has seen Greece's public and private sector ravaged and the economy shrink by a quarter.
The social, human, impact has been catastrophic.
Syriza's pre-election rhetoric was aimed at the European Central Bank (ECB), the International Monetary Fund (IMF) and the German-led insistence that Greece adhere to existing debt agreements and economic restructuring. Syriza's campaign was built around a radical renegotiation of the deal.
The rifts Greece could now open up with its creditors could impact on the Euro and all EU economies, including the United Kingdom. Syriza's victory has been anticipated by the markets with 1 Euro falling from 78 pence to 74 pence in the last month alone. Last night, the Euro fell to an eleven-year low against the dollar. Imports into the Euro-zone have become significantly more expensive which will not help the UK's shaky economic recovery.
Europe is by far the UK's biggest trading partner.
More volatile still is Greece's relationship with the European Union and its future within the Euro. Greece and the German-led EU are about to enter a very high-stakes game of chicken, which could have devastating consequences for the loser.
Greece stands to be be ejected from the Euro and cut loss into the turbulent international markets, but with their own currency once again that could find a level appropriate to Greece's economy.
For the EU the stakes are arguably higher. Greece might set a precedent that electorates in other cash-strapped EU member countries, such as Italy and Spain, might choose to follow. Greece's GDP contributes a mere 3 per cent to the Eurozone and its loss could be swallowed almost painlessly. Italy and Spain is an entirely different proposition all together.
Italy especially, whose economy has shrunk in eleven of the previous thirteen quarters to last November, could be prime candidates to try an alternative ex-Euro route. This would almost certainly be an end to the Euro project and would put significant strain on the wider political union.
Whilst the events in Greece are still unfolding -and there are early suggestions that the EU deal-makers have already been considering ways to avoid any damaging showdown scenarios - it is clear that the economics of Greece and the Euro will play an even larger role in the UK election in May. And just as in 2010, Greece might once again have a bearing on the formation of the 2015 government. Stability in the markets might once again take precedence over party politics come May 8th.
