GREECE (9)

I haven't written about Greece for some years. Mainly because the long-running tragedy has been going on for so long, but also because the solution is never clear.

However, what is clear from the latest negotiations is two things. First, that the left-wing Government under Alexis Tsipras elected in January is hopelessly out of its depth. And secondly, that the rest of Europe is heartily fed up with them.

Today's announcements that Greece will hold a referendum on the latest offer from the rest of the E.U. (an offer which the Greek government is urging its people to reject) and that its banks will remain closed in the meantime, are good examples. The referendum will be on the basis of a legal agreement which expires on Tuesday, so what is it worth? Furthermore, no modern country can operate for long without a banking system.

It's still  - amazingly - not too late to reach agreement. But the odds are shortening on a Greek bankruptcy.

Walter Blotscher