On Sunday, the Greek people voted on a referendum. They were asked if Greece should accept the Troika institutions’ draft for the continuation of the country’s second debt programme. The majority of Greeks answered “no”. It is now up to the Greek Government to interpret what the result will mean in practice. Greece’s second bailout programme has ended and cannot be continued.

The leaders of the euro zone countries and the Eurogroup will meet on Tuesday to assess the situation. The instruments and rules for the stabilisation of the euro zone remain unchanged.

The near future will be very difficult for Greece. No matter what happens next, the consolidation of the country’s economy will require extensive reforms.

However, the negotiations can only be resumed when the Greek Government is willing to cooperate and commit itself to measures to stabilise the country’s public economy and implement the structural reforms required for debt sustainability. The ball is now in Greece’s court.