Good choice on making Greek voters make the call. It is still amazing to me that with all our technology, we aren't going to the people more to make decisions.
The referendum is planned for July 5th while Greece's obligations to pay their debts are on June 30th.
It's clear in the eyes of everyone that it's a political move. Tsipras has been feeding lies to the Greek people. He is a populist.
The following scenario is likely to happen on June 30th: - The European Central Bank will maintain ELAs to their current level, it means that Greek banks will have to default.
- The Greek government will have to refill their bank and nationalize them. Since they have no power over the euro, they will start printing their own money which will be worth very little.