The Troika lost the referendum. If the Troika hadn't overplayed their hand by forcing a Greek bank shutdown, they might have won: two weeks ago polling showed the Greeks were evenly split on the Troika's position.
The Greeks are dancing in the streets. I am left feeling, though, that little has been won. It is hard for me to see the Germans backing down. It is just possible the Troika will split internally; the leaked (unofficially released?) IMF report indicates that the IMF staff, at least, wants debt reduction for Greece. But for the Greeks, more hard times. And there are terrible risks. The Greek fascist Golden Dawn party also sees this as a victory, and if conditions do not improve in Greece quickly, they will have a chance at power. It is hard for me to imagine any EU nation going to war to collect their Greek debt, but tensions could increase.
Still, at least austerity has taken a hit in the eyes of the world. I think other European counties whose hard times have been made harder by poor decisions of the European Central Bank will fight harder, even if the Troika ultimately prevails in Greece.
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