The Economist has a well-written and concise (as usual) recap of the Greek situation (here), written just prior to the Greek decision not to open their banks tomorrow. Things are changing quickly, and it appears that the thing the Greek referendum is about (to accept EU austerity measures in order to gain more support from the EU) is not even on the table anymore.
In part:
In part:
But, the good news: Investors can get Greek 3 yr Treasury bonds that yield over 20%. The bad news: They'll be paid in "New Drachmas" physically available in attractive Greek coins made of a very attractive zinc/Bakelite alloy.After having insulted his euro-zone partners last night Mr Tsipras said he would ask them for a "short extension" of Greece's bail-out, which expires on June 30th, to cover the period of the referendum. At their meeting today, finance ministers outright rejected that suggestion. Without a radical change of direction from Mr Tsipras, therefore, the bail-out will expire on June 30th, along with €16.3 billion in potential bail-out support, and Greeks will be voting on a defunct proposal. The meaning of a "yes" vote will be impossible to divine.
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