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Greece Tsipras cartoon

Alexis Tsipras cartoon

The Greek Prime Minister ponders the result of the Greek bailout vote. Created for The Times

Alexis Tsipras faces the harsh reality of the Greek debt situation. Whatever the outcome of Sundays vote - nai or oxi, there will have to be more cuts and austerity in his country. In the end oxi won the vote by a margin or around 60 - 40. So handing the PM a clear mandate to refuse the latest EU bailout plan and send a message to Angela Merkel, the Troika and the rest of the EU that the Greek people have had enough.

It is almost certainly true that Greek economy was not ready to join the Euro when it did and many of their problems have stemmed from this unsuitable step. Greece will now seriously have to consider reinstating the Drachma as the national currency and whatever the outcome the country will now rely even more heavily on tourism as a source of income. Perhaps cutting the link between the Euro and the Greek economy may see cheaper holidays for those traveling from the Eurozone and with that a resurgence in Greek fortunes.

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