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Why the Greek referendum hasn’t been in vain
The new Greek government proposals, published late last night are clearly based on those submitted by Jean Claude Juncker last Thursday, before the referendum. It’s left many Greeks frustrated, asking: what was the point of the referendum? It’s left many foreign observers saying the same. Here are the most obvious answers: First, the Greek government’s hope that a referendum mandate would allow swift negotiations with their creditors, and relaxation of terms, did not materialise. Instead a renewed ultimatum materialised. If they can’t meet it, the ECB and EU will collapse the Greek banking system and throw ... (full story)