The comfortable “no” majority – the opposite result to that predicted by betting markets – will, at least, serve to accelerate the conclusion of the crisis.

The priority of the Eurozone authorities will shift from securing a deal with Greece to protecting other EMU members from financial contagion. This could involve an expansion of QE, a political commitment by leaders to implement the recommendations of the recent “five presidents’” report on strengthening monetary union, and financial guarantees against any ECB losses on its Greek exposure. Such measures would support markets.

The Eurozone authorities are very unlikely to agree a softer bail-out deal with up-front debt relief, as promised by PM Tsipras to his electorate. Without a deal, the ECB will be unable to maintain its current level of liquidity support to Greece without Eurozone guarantees against losses, let alone increase it. Banks will run out of cash in days, further increasing economic hardship. The government’s popularity may unravel swiftly, leading to new elections, perhaps triggered by the resignation of the president.

The liquidity crunch is likely to force the government to pay bills with scrip / IOUs, possibly as early as 12 July when public sector wages are due. These would trade at a large discount and their introduction could further undermine government popularity by raising fears of Grexit. Despite the “no” majority, polls indicate that support for the euro is at a record high.

The choice facing Mr Tsipras, therefore, is to accept a deal similar to the one he rejected 10 days ago or risk his popularity imploding along with the economy. Events are moving fast and a prolonged “Grimbo” – Greece remaining in the euro but with the banking system and economy in lockdown – is unlikely.

The suggestion here remains that wider market implications of the Greek crisis will be limited by a supportive global economic / liquidity backdrop and the determination of the Eurozone authorities to prevent contagion.