The Greek government shut all banks in the country on June 29 after the European Central Bank capped emergency funding to the lenders. Cash withdrawals from ATMs are now limited to €60 a day (about US$67…
Many are ready to call it quits with the euro, but down that road lies nothing good.
Reuters
With the ECB freezing the level of emergency liquidity assistance it is providing to Greek banks, the nightmare scenario for Greece is already beginning to unfold.
Alexis Tsipras has called a referendum of Greece’s bailout offer.
EPA/Simela Pantzartzi
Greece has undergone significant reforms in the last five years. A look at the effects on the country shows why Syriza’s rejection of further austerity is not unreasonable.
A call to break with the leadership of Greece’s ruling party has highlighted the futility of debt-led austerity and the burden it places on people on the wrong side of a banker’s bad bet.
Greece’s future in the eurozone is uncertain.
EPA/Olivier Hoslet
Syriza came to power promising to renegotiate Greece’s relationship with the EU. The fallout of their attempts to do so is a lesson for a UK that would try to do the same.