The Greeks have voted ‘no’. Now, the real crisis will begin

In a landslide vote, the Greeks have said ‘no’ to the latest EU bailout deal – and, perhaps, to the Euro itself. Alexis Tsipras will stay as Prime Minister, and treat the result as a mandate to negotiate a better deal. But that’s not how the Germans see it: their economic affairs minister, Sigmar Gabriel, has just told the Tagesspiegel newspaper that the Greek ‘no’ has just ‘torn down the last bridges on which Greece and Europe could have moved towards a compromise’ and furthermore:

‘With the rejection of the rules of the eurozone … negotiations about a programme worth billions are barely conceivable.’

So events may now well spiral out of anyone’s control. Here’s what we’re facing…

1)  Huge inflation, mass unemployment: Greece now faces its nightmare scenario. A recent poll showed 80pc of Greeks want to stay in the Euro, but by voting ‘no’ they may now be kicked out. There’s no formal way of doing this, but quite a few informal ways.