Greece has been here many times before, most notably after years of falling purchasing power due to World War II and a civil war from 1945-1949. That reversed during the "Greek economic miracle" between 1950 and 1973.
Greece's economy enjoyed average annual growth of 7% during those years, with rates surpassing 10% during the 1950s. A large contributor to this "miracle" was a dramatic devaluation of its currency, the drachma.
Purchasing power and wages took a big hit, but that drastically discouraged suddenly much- pricier imports and encouraged local substitutions, and exports soared as their costs to foreigners plummeted. The economy adjusted, then quickly recovered as it was once again allowed to regain competitiveness.
Obviously, Syriza is overpromising good economic times and Greece remaining within the Euro currency union. But if they win, they're likely to underdeliver, as they haven't explained exactly how they'll achieve the new "Greek economic miracle."
The truth is that surely they can't deliver as promised.
The country owes a gargantuan 314 billion euros, representing 175% of the nation's GDP. Inevitably, a weak-debt economy has exacerbated the debt-to-GDP ratio and quashed nearly all hope for a recovery.
There's too much at stake for Greece's largest creditors, German and French banks, to let their leaders cave to Greek demands to stop paying, because, barring bailouts, they'd become overnight bankrupts.