As a European, I'm somewhat puzzled by why a Greek default has been out of the question.<p>Why is it considered a huge threat to the euro, while in America, large public entities like Detroit and Puerto Rico can apparently default without endangering the USD? Is that just because dollar stands apart as a global currency?<p>In a reasonable world, the parties who loaned Greece all that money for ridiculously low interest rates in 2000-2007 should have suffered the losses. They're the ones who miscalculated the risk, after all. But that ship sailed when the Euro countries bailed out most of that toxic debt with public funds. I just can't understand why.<p>Merkel was in power back then, Tsipras wasn't. Hence I have some sympathy for him.
Goodbye, euro. Hello, drachma. The next 10 years are going to be uncomfortable for Greece. Not so much the rest of the Eurozone unless others follow suit.
Good. The conditions set by the troika were shit. Even though Greece's debt is significantly lower than 2010, their debt/GDP ratio is the highest it's been.<p>Europe was trying to influence the referendum with their hard line (ie. blackmail Greece into accepting their shit deal), but they'll backpedal, and maybe Greece can get a deal that's actually sustainable, and doesn't lead to another 25% contraction in the economy.
Planet Money did a piece about the two options: <a href="http://www.npr.org/sections/money/2015/07/01/419238213/episode-636-yes-or-no" rel="nofollow">http://www.npr.org/sections/money/2015/07/01/419238213/episo...</a>
Italian here. I think what Greece is going through in economics terms is terrible and the main objective of any deal should be to get the Greece economy to grow once again and I don't think that taxes are going to help.<p>At the same time my country is exposed to Greece for ~40bn € and we did some reforms that nobody liked, like rising retirement age.<p>We should be ready to help Greece but they have to make real reforms, they have their own responsability in their situation and according to what I read they have big problems collecting taxes, corruption and mispending of public funds. They have to make so that in a few years they won't need anymore money from other countries.
As of now: 61% No. 39% Yes. [ 51% vote counted ]<p>What's next? I have a gut felling we are seeing the beginning of the end. The situation is not comparable with Iceland, as the whole country has shutdown. No export import.<p>Obviously things can't run like this. It will be interesting to see how they work it out.