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Existential threat to Euro as Greece totters
Existential threat to Euro as Greece totters. On Sunday, Greek Prime Minister Alexis Tsipras announced a surprise proposal for a referendum on July 5 on the terms of bailout deal, the decision came after the last round of talks with lenders in Brussels failed as eurozone finance ministers rejected Greece\'s request to extend its bailout into July.
The EU should not cave in again to Greece, because of the appalling example it sets. It is easy for Tsipras to portray EU, IMF and Angela Merkel in particular as the bad guys (and no doubt mistakes have been made on all sides in this long crisis) but still, the Greeks are mainly responsible for the debts they ran up as a nation, and, collectively, they have failed to build a competitive economy in an increasingly tough world
On Sunday, Greek Prime Minister Alexis Tsipras announced a surprise proposal for a referendum on July 5 on the terms of bailout deal, the decision came after the last round of talks with lenders in Brussels failed as eurozone finance ministers rejected Greece's request to extend its bailout into July.
Greece has to pay back $1.77 billion to IMF on Tuesday, and if no deal with its international lenders, it risks bankruptcy and a possible exit from the 19-member eurozone. A government decree said measures - including the shutting down of the Athens stock exchange on Monday - were agreed upon as a result of the eurozone's decision “to refuse the loan extension agreement with Greece.” Cash withdrawals will be limited to 60 euros ($66) a day for this period, the decree said.
