Worries about Greek 'No' overstated

On Sunday 61 percent of Greeks voted against the strict austerity terms demanded by the European Union and International Monetary Fund. For Greece's international creditors it was a case of Apocalypse at the Acropolis.

Greek Prime Minister Alexis Tsipras said the result gave him a mandate to strike a better deal within the eurozone, which is code for debt relief alongside structural reform (rather than relief only after reform). To help repair relations with the EU he sacked his outspoken finance minister, Yanis Varoufakis, who had described the creditors as "terrorists".

Eurozone finance ministers say they expect to hear new proposals from Greece after the country voted to reject the terms of the bailout. Germany's economy minister has warned that any unconditional debt write-off would destroy the single currency.