Using words such as "blackmails", "dignity" and "ultimatum" in a TV address, he publicly announced a referendum on the Troika's demands to be held on 5th July.
Whilst this is all very theatrical and faux "defiant", there is a fundamental problem with the referendum. In order for the people to vote on the Troika's offer, there needs to be one on the table. As soon as Tsipras rejected the offer, and called the referendum, the Troika removed their offer and went into Plan B mode.
What is Plan B?
The imposition of capital controls and enforced buy ins.
A foretaste of what will hit the Greek people on Monday has already been served by Alpha Bank, which has announced that web banking will "operate with limited functionality" over the weekend. As per Zero Hedge:
"From Saturday 06.27.2015 at 11:30 am to Monday 29/06/2015 at 8:00 am through the Alpha Web Banking there will be possibilities: Information on the balances and accounts and cards movements. Registration of orders on transfer of funds at a later date (will not be direct transfers executed). Registration of orders on payments dated 29/6 or higher . Enter orders for transfers to other banks dated 30/6 or later. The transfer orders will be registered for Sunday 28/06/2015, will be performed on Monday 29/06/2015."Thus Syriza's game of chicken has backfired spectacularly.