Dating greece absolutely
That's because all the referendum has done is put Greece in its worst position yet in its ongoing debt crisis.
The announcement of the referendum immediately triggered strict capital controls — a closure of the banks, with limits on depositors' cash transfers and how much they can take out of ATMs — and still the country is down to its last €500 million (2.6 million).
Essentially, now, Greece finds itself in an absolutely terrible position to get any sort of deal if it really, really wants to stay in the euro.
This is not a trivial claim — it's a technical and legal one.
Here is the timeline for Greece's next set of payments: July 20 is the next deadline for a debt payment, but as Barclays analysts said earlier this week, Greece is unlikely to make this payment or others, as the country has run out of cash.
Barclays said in a Sunday research note that Greece would almost certainly default on its debt and maybe exit the EU, ultimately abandoning the euro and therefore being forced to re-adopt its old currency, the drachma, and use IOUs to recapitalise its banking system.
But the downside of that risk is that you lose your money. That may have taught the creditors "a lesson," but that doesn't mean it will improve Greece's future.
Who wants to lend to someone who can't, or simply refuses, to give you your money back, or even resists working through how you can help repair the tattered remains of the borrower's balance sheet?
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This is hardly "progress" that was touted to be made by voting "no." The "oxi" vote pretty much has succeeded only in speeding up the process of pushing Greece out of the euro and isolating itself from the nations that funnelled cash into its battered balance sheet.