
Greek Prime Minister Calls for Referendum on Bailout Terms - tom_walker
http://www.nytimes.com/2015/06/27/business/international/greek-debt-talks-enter-final-stages.html?ref=business
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AnimalMuppet
Here's where I think we are: Anything Greece would consider fair, Germany
would consider unacceptable, and anything Germany would consider fair, Greece
would consider unacceptable. There is no place where their positions can meet.

Asking for a referendum is clever. He's going to get the Greek public to share
the blame for the consequences of what comes. But notice the words he uses
when he places it before the voters. He's asking them to reject the bailout
terms.

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contingencies
That struck me as well, but I wonder if perhaps he's not really _allowed_ to
reject the terms himself?

Critically, by having the people reject the terms he is not going to be
labelled a sellout in domestic voters' eyes and thus will retain a chance at
an additional political term.

He doesn't really have another option.

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ZeroGravitas
Fascinating that one of the problems is that the Greeks want to increase taxes
too much. And the creditors who have imposed austerity are worried it might
affect growth!

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thomasrossi
When you say “No one country in a currency union can endlessly spend money at
the cost of the others” then you have to do exactly what you imply, otherwise
yes they will keep on spending money. So now it's too late for referendum or
whatever.

As a side note, I have friends with the finger on the trigger to sell
"everything" hellas and euro related. Enjoy EUR/USD

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koverstreet
For when Greece goes back to the Drachma? Greece is about to become a good
investment. After the severe post euro-exit correction, of course...

