July 4, 2015: one way or another, a huge amount of money is going to arrive from the EU, IMF, EC this next week to prevent a humanitarian crisis in Greece. It will arrive regardless of the vote by the Greeks tomorrow to agree to more austerity or say "no" to the EU.
Later, 10:55 a.m. Pacific Time: about two hours after posting the note below, I hear on the radio that the Greek Prime Minister is now trying to walk about his incredible mistake. He says the referendum will still take place, but he will ignore the results. Even if his country votes "NO" to austerity, "YES" to saying sayonara to the EU, he says he will remain "at the bargaining table." He's not about to give up $8.1 billion dollars. Being late on a car payment or a house payment doesn't lead to bankruptcy; it simply leads to a reminder the bill is still due and interest is accruing. It's a process. Certainly a nation's destiny is more important than a car or a house.
Just when the Greek prime minister had the EU, IMF, EC, Hollande, AND Merckel on the ropes, letting the country default, scaring the heck out of everyone, Alexis Tsipras calls a "national referendum."
Now, the GPM is at the mercy of "his people" who will likely vote "NO" on further austerity measures, by 60 - 40. The referendum is Sunday.
Today, Hollande (France) says it's "everyone's" duty to "save" or "keep" Greece in the union. The markets are up on the news that the Greek drama will go into additional acts.
But the ever-smiling Tsipras has really stepped in it. What will he do? When his nation overwhelmingly votes "NO" on further austerity measures on Sunday. He called that referendum just hours before the creditors were ready to capitulate.
Putin knows chess. It does not look like Tsipras knows Texas hold 'em.