One way or another, Greece and the European Union is guaranteed to be a hot topic in Europe again in July.
Greece defaulted on a large loan payment on Tuesday June 30, 2015. Days earlier, her leaders called a referendum for Sunday (July 6, 2015). And she is facing more financial deadlines in July including another payment to the IMF on the 13th.
A Reuters piece appearing on multiple news sites on June 30, 2015 stated that,
“In Athens, opposition leaders — echoing EU officials – hammered home on Tuesday that the choice facing Greeks in the referendum is whether to stay in the euro zone or return to the drachma, even though the EU has no legal way of forcing a member state to give up the single currency.”
That nothing is in place to deal with a nation’s departure from the euro alone — in contrast to provisions for leaving the European Union — is apparently what Greek Prime Minister Tsipras has counted on to provide him a big negotiating edge.
The same day, Greece’s Finance Minister offered to either suspend the referendum or encourage government supporters to vote “Yes”, instead of “No”, if bailout funds were extended.
According to DW News, that offer was rejected. Negotiations may be reopened depending perhaps on Sunday’s results.
Many think the referendum vote could go either way. But regardless of the results, no doubt, this crisis will drive major changes in Europe behind-the-scenes.
PhotoCredit: TaxRebate.org.uk
Read the DW News article here.
