"No” Set Fate for Greece, many options still on the table

Greek citizens voted "No" on Sunday's referendum to accept their creditor's terms in exchange for financial aid, pension cuts and sales tax increases. As a result, media outlets immediately jumped to conclusions stating that Greece will now undoubtedly leave the Eurozone. 

However this is not the case, there are multiple different and very plausible options. Greece could exit the Eurozone with a desperate government and even more desperate local banks but Greece could also strike a deal with its creditors, reopen banks and stay in the Euro or even fail to reach a deal but remain in the Euro, not as a full member, and rely on local IOUs. 

A Greek exit from the Euro would have intense global ramifications, far more significant than what a deal with creditors would have.  As of today do not buy the media hype, Europe has to keep Greece in the EU in fear of grave economic consequences.