Greece Referendum: Defiance Aside, What's Next?

Nothing, it would seem.

Greek were asked to vote yes or no to a 47 page document in English, unavailable within the country (and mostly incomprehensible). It was an expired bailout proposal from the Eurogroup. The country's government extolled voters to choose "no" to "oppression" and humiliation and for prosperity, growth, and dignity.

So, people voted NO to regain their dignity, and spearhead growth, prosperity, etc. Except that growth, etc begins with money, apparently, and in Greece's case, other people's money. The lenders would be the EU this time round.

The country's PM, A Tsipras declared on Friday that a "NO" vote leads to an agreement in 48 hrs. The finance minister Y Varoufakis also explained that a deal with the ECB is a simple matter, "can even be conducted via teleconference".

If Greeks have the short memory the ruling party attributes to them, then all is OK. Come Wednesday and still in after glow of defiance, they won't really remember what politicians promised one week before.
If not -- or if someone reminds them (unlikely) -- then the Greek government may have a problem.

While one side (Eurogroup) is expecting initiative from the other side, the other side (Greek government) is basically expecting a move from the other side, just to drive home that Greece now has the upper hand (as promised).

Greece's finance minister (or negotiations minister) Yiannis Varoufakis resigned on Monday morning - reportedly. One never knows, he may un-resign later in the day.

Meanwhile, back at the ranch, the Greek government is purportedly preparing to issue IOU which it will use to pay off its internal creditors.

If it does that, it will be blamed on the Eurogroup.

And yet: Greece's best friends at this moment are its euro-partners. The same people its government has criticised , vilified, and at times, abused.