Banks Practice Fire Drill Ahead of Make-or-Break Greek Vote

In the past week, as I expected, the ECB, Troika, German officials and others have all warned Greeks to not vote for Alexis Tsipras and his radical-left party Syriza. The question is will it backfire. I suggest it already has. The pertinent question is whether it backfire enough to matter. Please consider Greeks rail against 'crude' German editorial.

WHEN deciding whether to grant citizenship to an outsider, the Ancient Greeks would put the matter to a vote, tossing coloured pebbles into a clay jar. On June 17th almost 29.7% of voting Greeks picked the colours of New Democracy, a centre-right party that broadly supports the country's EU bail-out agreement. It was seen as a vote to remain citizens in good standing of the single currency. New Democracy narrowly beat Syriza, the "coalition of the radical left", which was threatening to rip up the bail-out agreement.

The Financial Times reports Greek right a hostage to its own failures. On June 17, Stathis Potamitis, managing partner at an Athens law firm, plans to break a promise he has kept since his participation in a 1970s clandestine student group that opposed Greece’s military dictatorship. He will vote for the right.

The European single currency was firmer against the dollar on Tuesday as the markets waited for a make or break vote in Athens on the Greek government's latest austerity package.Dealers said the hope is that the Greek debt crisis is finally nearing resolution, one way or the other, although there could yet be more twists before all is done, leaving investors to hedge their bets.Investors know the stakes are sky high, they said, as failure to pass the measures means Greece will default on its debt, with all that could mean for the eurozone and the wider global economy.

By Colin Lokey:Next week is critical for Greece. Mercifully, Spain's travails have taken the spotlight off Athens of late as the prospect of a 'Grexit' just doesn't seem that scary when compared to the idea of unemployment running above 25% in the twelfth largest economy in the world.

The leaders of the world's major powers will seek to buy the global economy some breathing space at the G20 summit Monday with new support for an IMF financial firewall and for Greece.European leaders were relieved to be able to attend the summit after clearing the hurdle of Sunday's pivotal Greek election, which gave parties that support Athens' EU and IMF-led bailout terms a parliamentary majority.

The leaders of the world's major powers will seek to buy the global economy some breathing space at the G20 summit Monday with new support for an IMF financial firewall and for Greece.European leaders were relieved to be able to attend the summit after clearing the hurdle of Sunday's pivotal Greek election, which gave parties that support Athens' EU and IMF-led bailout terms a parliamentary majority.