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|Posted on June 30, 2015 at 8:48 AM||comments ()|
Going by what Mme Merkel has said, it is clear the European Union would be happy for Greece to stay in company with them. The familial greeting Mr Juncker gave Mr Alexis Tsipras suggested a deal would be done, like someone welcomes their favourite nephew. All that has not been undone, it is to be hoped, although the deadline for the payment to the IMF approaches at midnight tonight, and so far it seems the Greek Finance Minister has indicated they are unlikely to meet it.
If Greece left the Union, of course it would hurt, but the most pain may be borne by Greece. Who can tell?
From here on it will seem a pragmatic book-squaring, and it will take upto three months before the IMF can declare Greece in default.
In the meantime, the ECB has stopped all additional emergency funding to Greece. With their brinkmanship, it seems the Greeks are trying to hold the European Union to ransom.
But the world should await the Greek peoples' decision this coming weekend, when they are holding the Referendum, whether to stay within the Euro system or leave. Even at the expense of a 100 million Euros to hold the Referendum, Prime Minister Alexis Tsipras would like to go ahead with it.
The result will tell what direction they should take for the future, to be with the Euro or without.
The world will have to wait and see the result.