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Greek people has voted down lenders proposal and given the opportunity to Prime Minister Alexis Tsipras to hold his head high as he is headed to European leaders' summit today, which is scheduled to begin at 16:00 GMT.
Greek people in overwhelming majority, backed their government to secure a better deal.
However, despite massive win, Mr. Tsipras shouldn't lose his grip on reality and the reality is Grexit or not his country is on the brink of chaos which could be massive in the short run.
Market participants as well as European leaders are all awaiting a new proposal from Mr. Tsipras, which even if not agreed on immediately could form a basis for negotiation.
Mr. Prime Minister now needs to humble in his approach and demand from Euro zone leaders. He shouldn't expect European taxpayers keep paying the bills of Greece.
The negotiation also needs to be fast enough so that a deal can be secured before a payment comes due on July 20th to European Central Bank (ECB) of €3.5 billion.
An exit from Euro zone may not be in Greece's best interest as of now. It is true that situation in Greece is far worse than other bail-out countries but it is likely that if reform path is pursued it would put Greece back on track.
