What the loud “No” in the Greek referendum means for the Eurozone

In the late hours of Sunday evening, it was confirmed that the ‘No’ camp had won an unexpectedly resounding victory in the Greek referendum—by 61% to 39% the Greek people had chosen to reject the terms of the most recent bailout proposal from their creditors (the ECB, the EU and the IMF). When Alexis Tsipras, the Greek prime minister and leader of the radical left party Syriza, addressed his people following the result, he claimed it as a “victory of democracy”. Here, David Hope discusses the referendum, and why democracy may actually make it harder to strike a deal to keep Greece in the Eurozone.