Celebrations have broken out over the Greek No vote to EU austerity, part of the deal to receive bail out funds from the Eurozone, needed urgently to finance the Greek Central Government. Whether celebrations will continue if  Greece fails to win better terms from the European Union and may have to leave the EU remains to be seen.

Greece failed to repay a £1 billion tranche of the funds already received on June 30th and while the Mr Tsipras  the Greek Prime Minister, may have the backing of the country, that will not necessarily change the current impasse. Greece agreed to a range of austerity measures under the previous Government, to receive badly needed funds and now want to renegotiate the deal.

Both sides have tremendous face to lose and the result could be a Greek default and departure from the European Union, that many think wouldn't be such a bad thing for the remaining members of the EU. Most European banks have significantly reduced their exposure to Greece, but there would be short term economic upheaval if Greece did leave the shelter of the EU and defaulted on their loans. With a more stable membership if that happens, the Euro could strengthen after the dust blows over .