Helena Smith in Athens writes:

Sunday’s referendum has, almost overnight, turned into a fight for political survival for Syriza. The anti-austerity movement that took Europe by storm, when it was swept into power on the back of popular discontent in January, now faces an existential battle. “In Europe they want to squelch us because they only want one policy, the doctrine of neo-liberalism, to succeed,” the administrative reform minister Giorgos Katrougalos said earlier today.

There is growing acceptance that prime minister Alexis Tsipras’ high-stakes gamble calling the referendum may well backfire. The “yes” vote has swelled in recent days as big name political and cultural figures have come out in support. If the outcome on Sunday is a massive turnout in support for the “yes” vote, it will augur political developments with Tsipras and his radical left Syriza party possibly even having to step down on Monday. If the vote is “no,” as the government has urged, Athens’ relationship will break down further. “They have made it clear Schauble, Merkel, and others that they don’t want to deal with us,” one minister told me requesting anonymity. “It is very difficult to say if we will be here on Monday. A lot is in Tsipras’ hands. Our biggest concern, now, is the division we are seeing [between the two camps] and how we are going to handle it.”

Speculation was rampant on Friday that in the event of a resounding ‘yes’ a national unity government might have to be formed after the referendum possibly led by technocrats or figures outside the political arena. Athens’ mayor George Kaminis, a professor of constitutional law and Yannis Boutaris, the mayor of Thessakoniki, are possibilities.

“It is very difficult to see a better agreement [emerging with creditors] in the event of a ‘no’ vote,” said the political commentator Alexis Papahelas. “A ‘yes’ vote is going to be difficult and the Europeans have made a lot of mistakes but it will at least keep us at the core of Europe.”