UK 18:53 Friday, 23 October 2026
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High drama tonight as Greek PM Alex Tspiras has called a referendum for July 5: should Greece accept the misery of the latest proposals from the banksters or go bust? Events will move rapidly during the next eight days - we may well see the banks shut down as soon as Monday. Already there are long lines outside ATMs in Athens. Is Tsipras right to call a vote? Yes. What should my neighbours in Greece vote? No! They should vote for default and I hope that Tsipras will lead a campaign for such a vote. July 5th could be freedom day, independence day, a glorious day for the Hellenic Republic. It is time for Greece to tell the EU and the banksters where to stick it.
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Comments
Marvin
Interesting times. I’d get back over there if I was you Tom.
I have no doubt that the people will make their feelings known over the next week or so but some party has to make the case for default and exiting the euro so that the obvious advantages are presented and hope is maintained.
Has the European Spring finally arrived ? What an opportunity !
wildrides
The Greeks should not default …………… loans are to be repayed and ultimately such an act will have knock on . Far better to turn it into “war loan” type repayment shedule over say seventy years .
Marvin
Wilds
I believe somewhere in international law is the right of the right of country to choose its own currency and to convert any debts into that currency. Lex Monetae or something like that.
The IMF loan was deliberately drawn up under english law to stop that right being used but in my view it was done under duress so I would tell LaGuarde to swivel.
Marvin
And the rate of conversion. of those debts is the choice of the nation in question.
This has consequences for the exchange rate which as TW has pointed out numerous times will be floating and so will absorb the hit. Seems like a no-brainer to me.
Jason
The quicker the EZ & EU unravels the happier I’ll be so if Greece can start the process, UK can second it by getting out too…. The EZ would have made sense for the Germans, Dutch, Austrians and Scandinavians but the rest, including France, are just not on the same page.
I do have some sympathy for Greece’s creditors but reality is the debt is already impaired as Greece will never be able to repay 180% of GDP stuck in the Euro with Germany so they should have recognised that by demanded tough conditions but coupled it with debt relief. Better to get 50-60% back than have the whole lot defaulted on.
Daniel Victor
They daren’t let Deutsche Bank fail.
Striebs
Jason ,
Why do you have sympathy for Greece’s Creditors ?
They made a loan in the full knowledge that it could not and so would not be repaid .
The officers of the banks which originated the loans are jolly lucky they are not being charged with predatory lending and facing incarceration .
It’s not as if D.B. are going to be thrown to the wolves like Lehman Brothers or Bear Stearns .
Daniel Victor
At least the Greek people are doing their bit to oppose the cashless society !
drunken sailor
Regardless of how the referendum goes this time the ultimate outcome will be the same. Greece should never have joined the euro in the first place. There will be other countries that follow Greece out.
Unfortunately I don’t think a far left government is what Greece needs to rebuild from the chaos. Greece will be more like Zimbabwe than Iceland / Albania.
Citytourist
I believe what the EU fear more than the debt not being repaid is the shocking fact the greek government are actually going to allow a democratic vote on the topic………. The fear that the people can decide the future of an EU country rather than the Troika will send shock waves around the dictators that now run our empoverished debt burdened, banker controlled European countries ……. What an opportunity for Greece to once again take control of its own destiny.
Jane
The EU and the Eurogroup must be horrified that Syriza
actually believes in and practices democracy!
Can’t have that, it might be catching!
Jason
Striebs ~ I have some sympathy for current creditors because the last 4-5yrs has seen a process of transferring liabilities from financial institutions to European taxpayers without their consent and in direct contravention of Article 125 of the Lisbon treaty. The EZ ‘rescue plan’ is just a giant ponzi scheme perpetuated to maintain the illusion that the political Euro & integration projects are a success. When the music stops it’ll be EZ taxpayers who mainly have to pick up the tab.
PS I see Greek government is to face a confidence vote… will Tsipras suffer the same fate (a EZ encouraged coup) as Papandreou who also suggested a referendum?
toonmag50
what’s all the support for the bubble and squeak s? They lied to get into the euro and enjoyed twenty years of enhanced lifestyle following supportive loans due to their economy being for all purposes a beach. Now they’ve had their cake but don’t want to pay the bill
toonmag50
It looks like no negative feedback is allowed on this site about the bubble and squeaks. I’m not writing my comment rhree times to see it not accepted
TW note you can say what you want . We will publish your views in fullForty Two
The votes are already counted and sitting on a scrap of paper in Athens. And when the populace “votes” for subjugation Tspiras will have his cake and eat it…
Striebs
Jason ,
Point well made and taken .
Thanks