Eurozone contagion fears flare as Greek crisis enters crucial phase
01 July 2015
The announcement over the weekend by Greece’s left wing Syriza-led government took most people by surprise: A referendum allowing the public to vote on proposals put forward by the country’s creditors effectively brought an end to negotiations between Greece and representatives of its creditors, the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF). In our eyes, the Greek government’s approach has created additional animosity that probably was unnecessary. But what is more significant, to us, is that the ballot scheduled to take place this Sunday presents little chance of bringing the situation to a conclusion.