It’s a brave new world for Greece (and Europe!). Here's what'll happen now...

Greek voters are clear: no new austerity measures imposed by creditors in exchange for additional funding!

Mike Hugman, Strategist for Emerging Market Debt at Investec, explores some likely short-term scenarios.

Scroll down to listen to the audio.

We’re split on whether this will lead to Greece leaving the euro.

Mike Hugman, Strategist for Emerging Market Debt at Investec

Angela Merkel is in a very strong position. If a program is agreed upon within the next few days then a lot of the austerity measures will still stand. This ‘no’ vote doesn’t necessarily give the Greek president the muscle he wants.

Mike Hugman, Strategist for Emerging Market Debt at Investec

The pressure on Greece in the short-term comes from the banks having run out of euros. The ECB will continue to deny them euros if the Greeks don’t play along. Then Greece will have to operate a second currency that might or might not become permanent.

Mike Hugman, Strategist for Emerging Market Debt at Investec

China’s market crash is much more important to the world than Greece.

Mike Hugman, Strategist for Emerging Market Debt at Investec

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