EU Summit to give negotiations another chance

Only partial estimate of the referendum results was available, but showing a strong and resounding lead for the "No". While a 'Yes' vote would have allowed negotiations to resume on the basis of the late June proposals, a 'No' vote does not immediately trigger a Grexit. 

Firstly, chances of new elections remain, as the Greek president could resign. Secondly, some form of negotiation may resume. We expect Tuesday's extraordinary EU Summit to give another chance to Greek talks. 

"However, after the referendum result, the probability of Grexit is at 65%", states Societe Generale.

While further discussion on the pension reform and the primary balance targets are on the cards, the bulk of the negotiations will be on potential debt restructuring (maturity extension, interest forgiveness, etc.).