The 'traditional' Greek parties have reaped the results of their politics:

According to the exit poll, the conservative New Democracy party will get between 17 percent and 20 percent; the formerly majority socialist PASOK between 14 percent and 17 percent, and the left-wing Radical Left Coalition, or Syriza, between 15.5 percent and 18.5 percent. The extreme right-wing Golden Dawn is projected to win enough votes to enter parliament, with between 6 percent and 8 percent, well above the necessary 3 percent threshold.

If Syriza wins most of the votes, they will get a hefty 50 bonus seats, thus making sure they can rule the country. What will happen next is completely open. The most likely outcome is that they will terminate the austerity program.

A hard default would be the consequence since Greece could not stay in the Euro zone even if they wanted.