Greece has chosen to inflict heavy economic damage on itself

The Greek referendum will change nothing. Greek voters already expressed their great dissatisfaction with the bailout packages when they elected Syriza to power in January. The proposition they were asked to vote about now does not exist – and the referendum was just a sham. The bailout agreement that Greece and its creditors battled over for the past half-year is a dead parrot; it has ceased to exist.

And yet the referendum result may change everything.

It has made it close to impossible for euro governments to aid Greece with more money. While other leaders can backpedal their statements in the past week that the Greek referendum was really about its future in the euro club, it is difficult to find any political logic that takes the parties from here to a new arrangement that brings calm. The small amount of trust and goodwill that existed a week ago is almost depleted. Alexis Tsipras has tied his hands harder.