It is interesting to think about the motivation of the Greek elected officials. To me it looks like they are trying to avoid the responsibility of making a painful decision. It also appears quite likely that the Greek citizens will vote against reducing pensions, etc.

So with that in mind, what happens after 5 July? The rest of the EU will be placed in the uncomfortable position of either caving to the demands of the Greek citizens or somehow taking the position that the referendum is irrelevant--which will look very undemocratic. But to cave to Greece would mean the rest of the EU taking on an indefinite financial drain.

I don't see how this ends any way other than Greek banks collapsing or Greece leaving the EU.