Blaming the troika for the Greek defaut this week isn’t the full story. The problem here is that the eurozone is not the main reason for the Greek crisis.
A famed game theory parable involving mutually assured destruction explains the Greek debt crisis and could explain the outcome of the Greek referendum this Sunday.
A Greek default and exit from the eurozone might cost the UK the odd billion here and there, but the real risks are in a nervous banking sector and the devastating potential of Brexit.
The Greeks are being asked to vote on whether they want further austerity measures. But the impact of the crisis is also being felt on Greek-Australian diaspora.
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…
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.