Greece’s membership of the euro hangs by a gossamer thread after the victory for the no side in the country’s referendum. The cash machines are running out of money and the economy is in freefall. The fate of the home of democracy is not in its own hands. If it chooses to do so, the European Central Bank could force Athens to default on its debts and issue its own currency on Monday morning by withdrawing emergency support for the Greek banking system. That looks unlikely. The ECB has so far avoided taking overtly political decisions during this crisis, so it will avoid pulling the plug while talks are still going on ... (full story)