Greek Referendum on IMF/Troika deal

[minionofmidas]

How is it even possible to organise referendum so fast?

Printing pieces of paper with "yes" and "no" on it is very easy, and most real countries still have government printing presses that can do that at very short notice. Paper is a commodity, and has been since the mid 19th century.

And Greece has archaic-sounding but very functional rules regarding polling stations and pollworkers (and poll opening hours!) - always your local state primary school, all the teaching staff (and from dusk till dawn). So no pesky negotiations to rent precinct locations, perhaps not even a need to send out voter notifications.

[minionofmidas]

What will they pay the printing press employees with? Scrip printed on the same press?

Heh. At least these aren't unforeseen expenses.

Seriously though, it is not the matter of Greece being "kicked out" of the eurozone. The problem for Greece is, that, conditional on defaulting, being outside the euro is infinitely preferable to being inside. Greece really needs to devalue at this point. That is the only thing that can limit the pain of adjustment that will be happening now. And, of course, you can only devalue if you have your own currency.

And the problem still is that there is no exit mechanism, still. And no comprehension of the size of their failure among the groupthinkers around Merkel, still. Greece literally cannot get out and cannot afford to stay in, right now as at every point over the past four years.