Commentary: Big "No" cannot save Greece

After one night of jubilation over a resounding No to international lenders in a referendum, Greeks probably will soon find that their nationalist move simply cannot save the country's crumbling economy.

The "No" vote supported by 61.3 percent of voters reveals several truths about the political situation in Greece.

First, the outcome of the referendum constitutes a personal success for Prime Minister Alexis Tsipras. His popularity is much higher than that of other political leaders who had failed to win public support.

Second, the outcome demonstrates the fatigue of many Greek citizens over international bailout. They are desperately looking for an alternative and want an end to the five-year-old austerity policies. Some of them also believe that Tsipras will be now more powerful to negotiate a better deal.

Third, the outcome confirms that populism is on the rise in times of crisis.

For all those reasons, Greek citizens voted "No" in the referendum. But their initial euphoria on the night of Sunday does not help with the situation. Banks remain closed, the credibility in the banking sector is collapsed, recession is deepening and cash is running out.

Tsipras is risking the future of Greece in the eurozone and needs to work hard in order to regain the confidence of his European partners.

The decision of Greek citizens in the referendum deserves respect. But the impact of the big "No" cannot be now fully assessed.

The future will be very hard for Greece even if the government comes to an agreement with its creditors. Day by day, the Greek economy deteriorates, making the task for a recovery even more difficult. Endi