Larry Elliott writes: The fresh dose of deflationary measures in Greece’s new €86bn (£62bn) bailout programme, agreed in July after Tsipras folded under pressure from creditors, will deepen a depression similar in its severity to those that afflicted Germany and the United States in the 1930s.

The Greek economy has contracted by 29% since 2009 and is still shrinking after months of financial turmoil. Yet Greece remains part of a single currency that has emerged bloodied but intact. All the main parties contending the election were committed to continuing with the bailout that Tsipras negotiated in the summer.

Even so, the election will have consequences. Syriza has done well enough to form a workable coalition, thereby avoiding the need for another election and removing one of the hurdles before Greece has the first review of its bailout some time before the end of the year.