Nobel laureate Paul Krugman says the resounding ‘no’ in Greece’s referendum is a win for all of Europe. “Tsipras and Syriza have won big in the referendum strengthening their hand for whatever comes next. But they’re not the only winners. I would argue that Europe and the European idea just won big – at least in the sense of dodging the bullet,” wrote Krugman following the 61% rejection of bailout terms in the referendum.

After a vile campaign of “bullying and intimidation, an attempt to scare the Greek public, not just into accepting creditor demands, but into getting rid of their government. It was a shameful moment in modern European history, and owuld have set a truly ugly precedent if it had succeeded.”