Greeks Vote Amid Anger, Doubts

SINCE Greek Prime Minister George Papandreou declared his intention to hold a referendum in his country on the recently negotiated rescue plan, the situation in Athens has been somewhat volatile.

Authored by Lars Seier Christensen, CEO Saxo Bank via his blog, The real problem is not Cyprus, it is the Euro. After a few disturbing weeks, I would like to wrap up my comments on Cyprus and, hopefully, turn to other issues going forward. It is astonishing that a EUR 10 billion bailout can keep the world spellbound for so long. But then again, while the amount is not staggering, some of the implications are mind-blowing.

LONDON (Reuters) - Successive debt bombshells from Greece have so far failed to blow apart the political bonds that hold it in the euro zone, persuading growing numbers of economists to change their minds and conclude that the country's fate lies inside the currency union rather than out.

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.

As polls opene

PARIS (Reuters)

A RECENT survey by the French research institute IFOP found that in the eyes of the French, Angela Merkel represents those values that are commonly associated with Germans (serious, disciplined, hard-working, sincere and so on). The study, which was commissioned by the German embassy in Paris, also reported that 62% of respondents thought that France should learn from German economic and social policies—although I am not sure about the framing of that question in French.

Less than a day ago ECB president Mario Draghi was bragging "Credit Crunch Averted" noting the Euro's first weekly gain in five-weeks. Unfortunately for Draghi, there was still one day left in the week. Greece Bank Creditor Group Says Talks ‘Paused for Reflection’