European shares bounced back this morning, despite news that Greece had defaulted on its payment to the IMF.

The euro zone’s blue-chip Euro STOXX 50 rose 0.7 percent after falling 1.3 percent in the previous session and slumping more than 4 percent on Monday. The pan-European FTSEurofirst 300 index was up 0.6 percent 7am GMT.

Whether of not Greece remains in the Euro depends on the decision in the national referendum, to beheld in Greece on Sunday.