With less than two days to go until the Greek referendum, many polls are showing the “Yes” and “No” vote neck and neck. Recent revelations from the International Monetary Fund and internal documents add credence to the idea that the Greek debt load is unsustainable and requiring another haircut for Greece to have any shot at recovery. This is a small victory for Syriza’s Tsipras and Varoufakis as they seek to build support for the “no” vote. The divisive nature of the vote continues to create fractures within Greece as banks are bled dry of cash ahead of referendum. According to some estimates, only EUR 1 billion remains available in banks, meaning that at the present pace of withdrawals it could be matter of days before ATMs run dry. The level of anger and discontent is quickly rising and could see another dramatic weekly reopening in the Euro on Sunday.
Major Deadlines Loom Large
Daily Analysis - 03/07/2015