Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitIQ
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitIQ
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result

Charting Greek Referendum Path

admin by admin
July 2, 2015
in Uncategorized
0
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

by EconMatters, EconMatters.com

Greece missed a payment to the The International Monetary Fund (IMF) of about 1.5 billion euros, or $1.7 billion, on Tuesday which officially put the country in the ranks of Sudan, Somalia and Zimbabwe.

Although the IMF is not considered as a commercial lender, and the Fund does not use the term ‘default’, the inescapable conclusion is that Greece has indeed defaulted. This occurred in conjunction with Greece’s European creditors rejection of a request by Greece for a 3rd bailout at eleventh-hour.

The Biggest Deadbeat of IMF

As reported earlier today, the missed payment by Greece dwarfs every other deadbeat nations in the Fund’s history, and Greece will go down in history as the first developed country to miss an IMF payment.

Tsipras Cedes

Now that Greece has got a taste of financial chaos and social unrest, the latest Act from this Greek Drama is that Prime Minister Alexis Tsipras has signaled that the government is willing to accept many of the terms of a bailout package that it had earlier rejected (It is like why bother? Greece could have get this done months ago.)

Merkel Says NEIN!

But it seems too little too late as German Chancellor Merkel, burnt by months of brinkmanship, said

“There can be no negotiations for a new credit program before the referendum.” Merkel’s finance minister, Wolfgang Schaeuble, also told reporters that the country has provided “no basis for talking about any serious measures” to break the deadlock.

Related: Fed Stands Ready to Bail out Europe?

Path of The Greek Referendum

So for all likelihood, the referendum is still to take place on Sunday, July 5. Below is a flowchart by Bloomberg showing possible outcomes of the Greek Referendum.

If Greece votes “Yes,” it might be able to get a third bailout package in a few weeks….till the next missed debt payment, and Tsipras and his leftist Syriza party most likely would be ousted.

If voters say “No,” Grexit could be in the cards, and also means Greek banks and the government would run out of cash very soon compounding the current chaos of capital controls and pension rationing.

Nevertheless, a “No” vote does not necessarily rule out the possibility of another round of new negotiations and some kind of deal (although I personally doubt the German would go for that).

Unlikely to Survive A Grexit

In my opinion, Greece inevitably will need to go on some kind of austerity program to steer the country back to economic and financial health. Judging from the anti-austerity movement in Greece, and everything else transpired in the past few years, it is highly unlikely that after exiting (and without the support of) the euro and EU bloc, Greece would be capable of a proper reform to land on its feet again.

Many Greeks Still in Fantasy Land

Tsipras is calling for ‘No’ Vote in July 5 Referendum that could lead to a better deal , and it seems he still has the support of many Greek citizens wanting to call the bluff of EU, IMF, and Merkel, etc. Well, when you play with fire, be ready to accept the consequence of a totally burnt-down Greek House, while the rest of the world would simply go on.

Previous Post

Investing.com Technical Summary 02 July 2015

Next Post

The Success of the European Tiger

Related Posts

Gap Cuts Profit Forecast As Inflation Drains Demand, Old Navy Staggers
Business

Gap Cuts Profit Forecast As Inflation Drains Demand, Old Navy Staggers

by John Wanguba
May 27, 2022
Microsoft Finally Joins The Virtual World, Unleashes New “Industrial Metaverse”
Business

Microsoft Finally Joins The Virtual World, Unleashes New “Industrial Metaverse”

by John Wanguba
May 26, 2022
Basketball Star “Kevin Durant” Files Patents For 26 New NFTs And Metaverse Apps
Business

Basketball Star “Kevin Durant” Files Patents For 26 New NFTs And Metaverse Apps

by John Wanguba
May 26, 2022
NFT Crowdfunding & Fractionalization Protocol Confti Unveiled
Business

NFT Crowdfunding & Fractionalization Protocol Confti Unveiled

by John Wanguba
May 26, 2022
eBay Unveils Sports-Themed NFT Collection
Business

eBay Unveils Sports-Themed NFT Collection

by John Wanguba
May 25, 2022
Next Post

The Success of the European Tiger

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins banking Binance Bitcoin Bitcoin adoption Bitcoin market Bitcoin mining blockchain BTC business Coinbase crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi digital assets Elon Musk ETH Ethereum Ethereum blockchain finance funding government investment market analysis Metaverse mining NFT NFT marketplace NFTs nonfungible tokens nonfungible tokens (NFTs) price analysis regulation Russia social media technology Tesla the US Twitter

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Gap Cuts Profit Forecast As Inflation Drains Demand, Old Navy Staggers
  • Microsoft Finally Joins The Virtual World, Unleashes New “Industrial Metaverse”
  • Basketball Star “Kevin Durant” Files Patents For 26 New NFTs And Metaverse Apps

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish