Sayantan Ghosal

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An anti-EU protester burns an EU flag in front of the European Comission offices in Athens on July 2, 2015.

EuropaUnión EuropeaEconomía

For Greece's government, the July 5 referendum that rejected the EU's bailout package was one step in a long negotiation process. Its ultimate objective is to get Greece's creditors to agree a bailout package that provides partial relief from debt repayments, together with a substantial debt write-down.

For the creditors, on the other hand, it was a straightforward in/out referendum to determine Greece's continued membership in the eurozone and even perhaps the EU. If Greece had voted "Yes," these creditors were effectively demanding a change of government.

Now those creditors have to be content with the resignation of finance minister Yanis Varoufakis.…  Seguir leyendo »