My instant reaction to Alexis Tsipras’ decision to call a referendum on whether to accept creditors’ terms on Jul 5
1 Tsipras is effectively calling for Greece to quit the euro. Even if that’s not the question, that’s what it will amount to.
2 All sides have mishandled negotiation but Tsipras has mishandled it particularly badly.
3 Tsipras didn’t even complete the talks and wring out the last concessions. There was one more day to go.
4 Greece obviously won’t be able to pay the IMF on Tuesday.
5 Greece won’t be able to get extension of bailout which runs out on Tuesday, as referendum is following Sunday. Ie bailout expires.
6 ECB highly likely to stop emergency liquidity to banks. if capital controls not imposed on Monday, there will probably be bank run.
7 What will referendum question be? “Do you accept creditor proposals”? But effectively “do you want…
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Utopia, you are standing in it! 
Jun 27, 2015 @ 12:32:18
All sides?
The creditors have told Greece each time to have more austerity despite the fact this simply leaves the country in Recession and in no place to pay back debts!
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