I don’t claim expertise, but I’m inclined to defer to this actual expert and see this as the least terrible outcome. As Krugman acknowledges, there’s reason to be concerned about Syriza’s competence (and indeed the heighten-the-contradictions bureaucratic reform proposal is amateur hour.) But nevertheless the troika’s conduct and its offer of austerity today austerity tomorrow austerity forever — punishing ordinary Greek citizens to bail out creditors who made bad bets, even though they won’t even be bailed out — has been abominable. I can understand why the electorate wouldn’t submit to these terms.
And now I’ll leave the discussion to the many people who know more than I do.
…This seems right: “Greece is less likely to get a deal after the referendum, but will get a better deal if it does get one.”