What happened to the referendum?

As far as I can tell, the EU shat their pants and The Markets (The Markets! The Markets!) have dictated that rather than vote for or against the bailout, a new puppet leader and government that agrees to the bailout must be installed.

Doesn't seem very democratic to me, and the whole thing smells of bullshit from where I'm standing.

What happens if, at probable elections next February, the Greek people vote for a party that stands on a platform of rejecting the bailout? Do we go through all this handwringing shite on the news about The Markets (The Markets! The Markets!) all over again?