The clock ticks steadily towards midnight

However necessary it is to adopt a sober realism towards the immediate prospects in Greece, yesterday's resounding 'No' vote was an example to the rest of Europe. Uncowed by relentless pressure from creditors and the mainstream media, Greece's electorate sent a clear message that they reject austerity. Whatever happens next, they deserve our admiration and solidarity.

Since the result was declared last night, events have moved at sometimes breathtaking pace (see the Guardian liveblog here for updates.) Yanis Varoufakis resigned, giving as his reason that some Eurogroup participants would prefer his absence from talks. This was not before making his feelings known about the No vote - he wrote of the Troika having been confined to its lair. He has been replaced by Euclid Tsakalotos, not obviously more well disposed towards an austerity-based 'rescue' for the Greek economy than was Varoufakis. Meanwhile, Greek banks remain closed and capital controls in force. There appear to be splits amongst the Eurozone leadership, with Merkel opposed to compromise with the Syriza government, and others better disposed. The ECB, as all this goes on, has increased the haircut required of Greek banks (that is, the difference between the amount loaned to Greek banks and the price of the assets required as collateral for these loans, expressed as a percentage of the collateral price: for example, if I lend you £90 but require a £100 IOU as collateral, then I have imposed a 10% haircut) - a sign that Greece is considered an increasingly risky prospect. One thing is certain: things cannot continue without resolution of some sort for much longer. If nothing else, these are interesting times.

Good commentary, from various left-wing perspectives, includes Michael Roberts here, Alex Douglas here, and the inimitable Paul Mason here.

I'll stop there for the time being. Later on I'll say something about how what is playing out in Greece is a crisis of the Eurozone as an experiment in monetary union, complicated by the political ideology of Europeanism.