Greek 'No' vote implies an uncertain future

IN a dramatic result, the Greek population have voted "no" in Sunday's referendum on whether to approve a package of reforms and fiscal measures proposed last month by its creditors. Unless there is now a significant volte face by creditors, the plebiscite could eventually seal the country's fate toward an exit from the euro (Grexit).

The referendum result has sent shockwaves across the 19-member European economic and monetary union which now faces its most difficult moment since the euro was introduced in 1999. Many officials in Brussels and also in national capitals across the continent had been hoping for a "yes" vote, and are now preparing in earnest for the potential Greek euro endgame.

This was flagged on Saturday, even before the referendum had taken place, by German Finance Minister Wolfgang Schäuble who asserted that it may be necessary for Greece, at least temporarily, to leave the eurozone. While Athens has highlighted that there is no legal mechanism in place for this departure to happen, the pace and magnitude of events may force the issue.