Greece Down to Its Last €500 Million with No Ability to Print Drachmas

As Greece approaches the referendum on Sunday July 5, there is complete uncertainty as to whether “yes” or “no’ will be voted for and what the ramifications of such a vote will mean. Meanwhile, PayPal, Western Union and Paysafe have also shut down as a result of capital controls.  

Dead heat

Greece has already become the first developed country to default on an IMF loan to the tune of €1.5 billion. In recent days, there has been back and forth between the EU and Tsipiras, and many heated discussions leaving many to guess the next steps. There is even a splintering within Syriza to top it all off.

The latest poll commissioned by Bloomberg News shows that Greeks are in dead heat on the referendum vote with 43% intending to vote “no” to reject the austerity demanded by creditors in exchange for financial aid while 42.5% back a “yes” to accept the conditions. The survey was comprised of 1,042 people with a 3% margin of error.

This leaves much uncertainty as to the next steps and what currency would be used as a result following a Grexit. It has been reported that Greek Banks are Read more ... source: Cointelegraph