Greece vote yes to can kicking!

On the one hand, that is great for the markets, which have been through a very rough patch and needed something to cling to. On the other hand Greece won't be able to make the tax rises and privatisations stick so is still going to end up in big trouble.

I bet they are drinking Champagne at the ECB tonight; they could easily end up insolvent as a result of this debacle.

So now we can start the guessing game all over again...when is Greece going to default...not 2011..2012 or 2013? In the long-term the short-term relief of getting past this issue may actually prolong the European debt crisis.

If Merkel and Sarkozy can force their banks to re-capitalise then it will be time well spent; if not.....