Any government that runs into difficulties in the future will have the Greek option of devaluation as an alternative to endless austerityOne hundred and one years ago today, gun shots rang out in a city in southern Europe. Few at the time paid much heed to the assassinations of Archduke Franz Ferdinand and his wife as they drove through the streets of Sarajevo. Within six weeks, Europe was at war.Make no mistake, the decision by Alexis Tsipras to hold a referendum on the bailout terms being demanded of his country has the potential to be a Sarajevo moment. This crisis is not just about whether there is a bank run in Greece over the next couple of days, although there is certainly the threat of one. It is not just about whether the creditors over-played their hand in the negotiations, although they did. It is about the future of the euro itself. Continue reading...
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