Now that the resounding inconclusiveness of the Greek people’s vote on its own future has led to a new election being called, the leaders of Europe are treating the second poll as the referendum on Greece’s relationship with the euro that they denied it last November.

Better late than never. If the Greeks do not want to stay in the currency union, there is no point in cajoling or bullying them into staying. As José Manuel Barroso, EU commission president, rightly said yesterday, “the ultimate resolve to stay in the euro area must come from Greece itself”.

In the May 6 election, two-thirds of voters supported parties opposed to the austerity policies imposed by the eurozone and the International Monetary Fund as a condition for rescue loans. At the same time, polls show a majority of Greeks wanting to keep the euro, a symbol of their European aspirations. One of many tragedies in the crisis is the failure of Greek leaders to confront their people with the truth: this is not a choice between austerity and leaving the euro. The country’s past excesses make austerity unavoidable, with or without a eurozone rescue loan, and within or outside of the euro. Greeks will face even greater hardship if a new government in Athens tears up the rescue plan, and the economic collapse will worsen if a euro exit follows.