Friday, July 03, 2015

Greece

Anybody else think that the worst outcome of Sunday's referendum in Greece for the rest of us would be a "yes" vote?  If it's "no" then the position is pretty clear cut - Greece more or less immediately booted out of the eurozone, and maybe the EU as well.  But "yes"?  The Greek government would almost certainly have to resign and call a general election, and that takes time.  And what would be the position in the interim?  The EU would have to provide some sort of financial aid for the Greek banks and probably write off or defer some of its debt, just so that it could continue to function in the short term.  In other words just what Greece has been asking for over the last few weeks!  And so the situation would continue to stagger on.  It's a funny old world...

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