Any government that runs into difficulties in the future will have the Greek option of devaluation as an alternative to endless austerityA hundred and one years ago on Sunday, gun shots rang out in a city in southern Europe. Few at the time paid much heed to the assassination of Archduke Franz Ferdinand and his wife as they drove through the streets of Sarajevo. Within six weeks, however, 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. The crisis is not just about whether there is soon to be a bank run in Greece, although there is certainly the threat of one. It is not just about whether the creditors overplayed their hand in the negotiations, although they did. It is about the future of the euro itself. Related: Greek banks to stay closed on Monday Related: Greece crisis: a disaster for Athens and a colossal failure for the EU Related: The Greeks for whom all the talk means nothing - because they have nothing Continue reading...
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