Greece faces "the spectre of bankruptcy" (again)

Enki

True, but there needs to be a stop, for there to be the start!

In a bold move the Greek Government acts in the interest of the most vulnerable in its society, free electricity and food stamps to low-income households.

Greek parliament defies creditors by passing antipoverty bill - MarketWatch

Sonic67

"When you play the game of Grexit you win or you die. There is no middle ground." Cersei Lannister

Enki

Cannot help be impressed  with Alexis Tsipras, although opposed to right wing EU and not satisfied by this right wing agenda, ordering Greece around like a child, he has made his decision and has been clear, however is prepared to listen to all the people. For such a young democracy, I’m truly envious of a principled leader who lets all the people have clear unambiguous choice.

Greek crisis: Alexis Tsipras calls snap referendum  to seal eurozone fate  - Telegraph

Trollslayer

I have to agree, it has been a baptism of fire for him.
Especially when he had done all the game theory reading then went up against people who have practised it for decades.

Enki

He has delivered the worst kind of game for the IMF ECB, EU etc, its democracy with choice and the inevitable uncertainty this brings.

mikeybabes2

Fancy that, a leader who listens to the voice of the people he represents ! A very dangerous precedent.

Though the cynical might say it's the old 'he told me to do it' justification.

I am still convinced there will shortly be the sound of a can being kicked down the road.....

tapzilla2k

Actually the worst game he could have played would have been to call an election. A referendum allows all Greeks to have their say on the deal offered.  

He's not got much choice really, it's either referendum or an election. But if the Greeks reject the current offer, then I suspect it gives him a stronger hand against the IMF and co.

He's being crafty on several different levels. Not least because he won't have to call an election as happened in the recent past. Elections create more uncertainty than referendums do.

Even if they reach a deal, it only postpones the problem for another six months or so and back to square one. Being cynical I expect the Greeks to default and exit the Euro before the year is out.

Merkel probably only bought the IMF to the party to buy herself political cover in Germany, should Greece default and exit the Euro.

Trollslayer

I suspect both sides have agreed the game to play e.g. the repeated announcements is very unusual.
It would fit in with pushing the Greek vote to staying in the Euro i.e. risk avoidance behaviour.

Sve

I expect the vote will be no next Sunday and them to leave within the next 3 months.

tapzilla2k

I'm guessing the fear of a Greek Default and Euro Exit causing the downfall of the Euro itself is at play here.

It could be that, but somehow I doubt the Greeks will go along with it. The real danger is the Troika merely manages to cause a collapse of civil society in Greece. Whatever you think of Greece, you have to recognise that the majority of Greeks are probably not willing to put up with further austerity to service debts the country will never likely be able to pay off.  

If it's a no vote, I expect the IMF will cause the Greeks to default. They've got form for punishing countries that don't follow it's rules.