Greece’s No vote was greeted with euphoria in Athens’s Syntagma Square: the fountains were bathed in red light, the flags waved, the crowds sang patriotic songs. Alexis Tsipras, the prime minister, had said the vote was about national pride and his message had struck home. One young woman, a freelance journalist, confided: “I actually voted Yes. But part of me is glad Greece said No. We are a small country, but we have a big history. This is about our dignity.”

Watching the celebrations, however, it was hard not to feel real foreboding. Without a quick new deal with the creditors, Greek banks could collapse within days, introducing the country to a whole new level of economic misery. Pride and dignity would swiftly disappear along with jobs and savings.

Mr Tsipras has told his fellow countrymen that he can get a better deal from Europe. But, if he really believes that, he is seriously misreading EU politics. In reality, Greece’s creditors are likely to take a very hard line. They are angry and fed up with Greece. More important, many also believe that the long-term survival of the European single currency depends on making it clear that countries must live by common rules, balance their budgets and pay their debts. If Greece needs to be punished to make that point, so be it.