Greece Calls a Referendum over Bailout Deal

by John Fund

Greece, which gave birth to democracy, is turning to a national referendum on July 5 rather than agree to terms with its creditors. While at least Europe may get a definitive answer from Greece then, the chaos that will ensue until then won’t help the Greek economy.

Bank runs are expected on Monday, and a friend in Athens reports almost all the ATM machines have already run out of cash. Obviously, even those who work at the Greek parliament don’t have confidence in the system (see below).

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