How can either YES or NO work?

Bloomberg:

43 percent intend to reject the budget cuts demanded in exchange for financial aid, while 42.5 percent will accept the conditions. The survey of 1,042 people was conducted by the University of Macedonia Research Institute of Applied Social and Economic Studies. The margin of error was 3 percent. An Ipsos survey released late Friday showed a razor-thin margin, with “yes” at 44 percent and “no” at 43 percent.

Meanwhile, retail sales are off 25% from 5 years ago, international payments mechanisms are essentially frozen and the supply chain is broken — and the country is split down the middle on what to do. If the referendum were a vote on civil war…

One Response to “How can either YES or NO work?”

  1. feeblemind Says:

    Some random thoughts. It’s all too complex for my feeble mind to understand.

    Yes. One wonders how the Greek economy is going to function without banks and sources of supply?

    And now it is said that the banks will steal deposits as they desperately look under seat cushions for any loose change.

    But what happens after that? Where will the search for money go next? Will Greeks ever deposit money in their banks again after a theft like this?

    If the EU remains obdurate and refuses to dump more money into the black hole, will the Fed’s printing press be ramped up to pour in dollars by way of back channels, further masked as some sort of humanitarian crisis funding?

    If the Greeks leave the Euro and start printing drachmas, will Greek businesses shun them, preferring to be paid in Euros or $$$?

    If the Greeks default, what will the French and German taxpayers do when they find out Hollande and Merkel have lied to them and they are on the hook for perhaps 70 and 90 billion Euros respectively?

    And what of Spain, Portugal, and Italy? If Greece is able to walk away from their debt will they decide to do likewise? And if that happens, then what?

    If Greece implodes, how will the dominoes fall?

    The world’s ruling class seems to be having increasing problems keeping all the plates spinning. Many are wobbling. How much longer can it go on?

    It will be an interesting Simmer.

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