ODYSSEUS was forced to choose between two routes for his ship - one that passed close to a sea monster (Scylla) and another that skirted a whirlpool (Charybdis). For a while, Greeks have effectively faced a similar choice - between austerity (as conditions for assistance from its creditors) and leaving the euro. Asking them explicitly to make this choice in a referendum might seem fair enough.
The problem is that this choice has never been made explicit. Syriza came to power on a programme on ending austerity and keeping the euro. Months of negotiations with creditors have shown this option is not available. But the planned referendum, if it occurs, does not make this clear; instead the question will be
Greek people are hereby asked to decide whether they accept a draft agreement document submitted by the European Commission, the European Central Bank and the International Monetary Fund, at the Eurogroup meeting held on June 25.
Clearly, the government will campaign for the answer No. As my colleague wrote earlier today, this is dangerous brinkmanship. Greek funding runs out on June 30 (Tuesday). Alexis Tsipras, the...Continue reading
Source :Business and finance http://ift.tt/1LuKRPH
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