Category Archives: Banking industry

Tsipras’ Bailout Referendum Sham

At 1:00 AM in Athens on Saturday morning, Greek prime minister Alex Tsipras announced that Greece would hold a referendum on July 5 on whether to accept the terms provided by the creditors in order for Greece to obtain €7.2 billion in “bailout” funds as the final part of a loan package provided to Greece in 2012.

The bailout in fact expires on June 30. It is too late for Greek voters to have any say on the Greek government’s posture in the negotiations. So what was this ploy meant to achieve?

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