Will the Grexit happen? (Greece exiting from the Eurozone and going back to the drachma, and forge ahead on its own). Greece owes its creditors way more than it can pay, even after several years of painful austerity that has crimped its economy by 25%, and left half of young people unemployed. On Tuesday night it defaulted on a key payment to the International Monetary Fund, becoming the first developed nation to ever default on its international obligations.
So now there is a referendum on Sunday, which makes no sense in a way. As the New York Times says : Imagine the fate of your country hangs on a yes-or-no question. The question is drafted in cryptic, bureaucratic language and asks you to decide on an economic program that no longer exists. Leaders in neighboring countries are begging you to vote yes. Your government is begging you to vote no.