It's Europe that has suffered a reputational catastrophe in Greece

People queue to buy groceries in a shop in Athens

Ambrose Evans Pritchard
© Telegraph Media Group Limited

Oxi Day has totemic significance in Greece. It commemorates the defiant Greek 'No' to Mussolini's ultimatum in 1940, and the heroic acceptance of war against a bigger military machine.

It is the same word that will top the ballot sheet when Greeks vote in a snap referendum tomorrow on creditor demands. Prime Minister Alexis Tsipras is not shy in evoking the same spirit of wartime resistance.