It appears that a majority of Greek votes has been cast for the rejecting the creditors offer. The government campaigned for this result. Prime Minister Tsipras may find, however, that it has not strengthened his negotiating hand. To the contrary, the range of options has narrowed, and the financial system is collapsing. Tsipras has said he will go to Brussels and sign a revised deal within 24 hours. This is most unlikely. The second assistance program ended on June 30. A new one will have to be negotiated. This appears to require some parliaments, like Germany's, to authorize the negotiations. It is not only a ... (full story)