Unintentionally, Greeks have done themselves - and perhaps the rest of Europe too - a favour by voting no. They have been misled by their Government, not to mention a whole host of famous American, salt water economists - Sachs, Krugman, Stiglitz - into thinking they can somehow bring the rest of Europe to heel by facing their creditors down. They cannot. (To be fair, Krugman seems to appreciate better than the other two the vital importance of exchange rate in debt relief). By voting no, they have put themselves on a path to exit and the unilateral debt relief of default. Like Germany in 1953, this offers Greeks the possibility of a new beginning, and with a bit of luck, they might also have fatally wounded the entire euro project. It's been a long time coming, but there's a good chance that economics is finally about to triumph, as inevitably it always does, over delusional political will.