After months of increasingly tense negotiations between Greece and its creditors, and a failure to make debt repayment to the IMF, the Greek government organized a referendum yesterday in which voters were asked whether or not to accept an offer from its creditors consisting of further austerity and reform in exchange further additional financial aid. The process towards the set-up of the "Greferendum" was so tumultuous, confusing and poorly managed that the consequences of the outcome could only have been somewhat uncertain. The late and surprising timing, the lack of coordination by the Greek government with its creditors and the confusingly articulated referendum question on a poorly translated offer from the creditors - an offer that formally is no longer on the table after the expiration of Greece's second bail-out package on June 30th -- are an incomplete list of factors that make it hard to interpret the Greferendum outcome.

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