Friday, June 26, 2015

Greece: News Note - Greece Calls for National Referendum on July 5th

Here is the latest news on Greece from the WSJ.

This shows clearly what we said here in a recent blog post. Deadlines are not really deadlines. We have heard all month that June 30th was the absolute final deadline. So Greece schedules a national referendum on July 5, 2015 (five days after the "final deadline") for the voters to have their say.

The only deadline that really exists are the markets. If they decide that the situation in Greece is too uncertain and react sharply, things will start happening pretty quickly. If not, these guys can drag this out for quite awhile longer until they once again agree to kick the can down the road.

Added note 6-27-15: CNBC Update on the Situation

(Below a picture from the CNBC story of people lining up at the bank)

People wait outside a closed branch of Piraeus Bank in Athens, Greece June 27, 2015. The specific branch opens at 10:30 AM local time on Saturdays but it remained closed while dozens of people lined outside to withdraw cash.

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