Guardian- The eurozone’s weakest link just got weaker. Although it should be no surprise that Greeks are spurning the Troika’s bitter medicine, the violence of the rejection is a shock. A Greek Eurozone exit is now firmly on the cards although the probability and timing of such an event is uncertain.
The irresistible force of German austerity has clashed with the immovable object of Greek popular resistance. It is difficult to see how this paradox can be resolved without a significant watering down of the Troika program and de facto fiscal transfers. The scale of cuts demanded by the Troika are clearly unacceptable to a broad swathe of Greek voters.
