Today's general election in Greece has turned out to be a historic turning point in Greek politics, with implications for the whole of Europe.

Combined with the ousting of President Sarkozy in France - and this week's UK local election results and the poor showing for Merkel's Conservatives in German regional elections today - it indicates the political crisis generated by austerity.

Since the fall of the military dictatorship in 1974, Greek politics has been dominated by two parties: the centre-left PASOK and the centre-right New Democracy. Since 1981, these two parties have consistently scored at least 77 per cent between them in general elections. Yet they have a combined total of around 35 per cent today - an extraordinary collapse.

It is a truism to say that democracy began with the Greeks -- less so to say that it originated in popular rebellion against debt and debt-bondage. Yet, with the Greek people ensnared once more in the vice-grip of rich debt-holders, it may be useful to recall that fact. For the only hope today of reclaiming democracy in Greece (and elsewhere) resides in the prospect of a mass uprising against modern debt-bondage that extends the rule of the people into the economic sphere.