This is the Cato Daily Podcast for Monday, July 6, 2015. I'm Caleb Brown.

Now that Greece is rejected of Brussels Design Fiscal Plan Next Steps for Greece,

the Eurozone, the IMF and Greece's creditors

are less than clear. Mark Calabria, Director of Financial Regulation

Studies at the Cato Institute says the austerity Greece has undertaken so far has left the public sector relatively

untouched.

The stakes of this vote were really about the credibility of the Greek government.

Did they have the support of the general population?

Was the population ready to move forward

and essentially cut a deal with the rest of the EU?

Or did the population essentially want the government

to tougher negotiations to try to get a better deal for Greece.

Certainly some small part of the population might have seen this as a vote for leaving the EU,

but by and large most of the Greek population wants to stay in.

And this really is about the terms of whether they're willing to concede or not on the terms of

the bailout. The EU as a monetary union is deciding what to do.

The IMF is deciding what to do.

What are the options available to those units and what do you call this period?

So we really are in a period of reflection

by the rest of your, what to make of the vote,

what the reaction should be.

Certainly some initial reactions have been you know long lines of well that's

...