The result has come and gone. The Greek people, united in adversity, have voted no to the bailout conditions which were presented to the Tsipras government.

Banks are mostly shut, and people can only withdraw very small amounts of money and its membership within the eurozone looks like it might be coming to an end. The government is now under pressure to seal a new deal with creditors and it is already in arrears. The departure of Finance Minister Yanis Varoufakis should help matters somewhat, with many of his European counterparts hinting that negotiations might become easier and that many of them were “irritated” at his behaviour.

EU leaders are convening for an emergency summit today to discuss how to keep Greece in the eurozone, but it is understood that many are far apart on several key issues, with the most important being that of debt relief.

European officials appear to be split on a key demand by Greece to have the burden of its bailout loans be made more manageable.

Besieged by a prolonged recession, high unemployment and banks dangerously low on capital, Greece defaulted on an IMF loan repayment last week, becoming the first developed nation to do so. Greece joins the company of Zimbabwe, Somalia and Sudan in falling behind in payments to the IMF. Zimbabwe was the last country to default in 2001, Somalia has been in arrears since 1987, and Sudan since 1984. Not exactly good company to be in.

Greece currently owes its official lenders €242.8, which includes €220 billion from two bailout loans from the IMF and European governments made since 2010.

Cash though, is running out, and it all hinges on whether the International Monetary Fund will give more liquidity to banks to make up for the crunch. Whatever the case may be, the €60 withdrawal limit looks set to be reduced.

But now some analysts wonder if Greece is so starved of cash that it could be forced to start issuing its own currency and become the first country to leave the 19-member eurozone, established in 1999. The eurozone was set up to be permanent structure, and if Greece leaves, it will have to prompt a radical rethink of the rules of engagement.

Greece says that austerity has not worked for it, but it is also known that Greece’s corruption and tax evasion are widespread and entrenched. If Greece cannot secure what it needs from Europe, it might turn its eyes north to Russia, which despite its own fair share of financial woes, would like nothing better than to lure a European state into its sphere of influence.

There are also rumours that Greece might consider something as radical as dual currency. An internationally worthless drachma and the euro for official business. This has been touted as pure folly by some, but others believe that it may actually work.

It is sure to be a very long day in Brussels today as PM’s from the bloc try and hammer out some kind of common position. It will not, at all, be easy.