Bottom line. We do not know what the refrendum question is. The Greek stock market has fallen 90% in 3 years,over 50% of people employed in Greece is by the state. Bottom line the Greek politicians have been doing nothing about the economy - now the rest of us - have to wait while these idiots decide how they want to sort out the mess that they created!!!!!!
The PM was silly as he should have known the gamble won't pay off. Sarkozy and Merkel are not weaklings and they put their foot down hard. So, if he did not retract he would have lost his job which might still happen come Friday. The deal is not great for them as the haircut, when one drills through the numbers, is only about 21%, but that is what they get. Greeks do not want to leave the euro, it has meant much for their prosperity so now they have to knucle down and get through it. But, as other posters have said, Greece is not the real problem. Lurking in the shadows is Italy (bond rates already at 6.06%)the other europeans and maybe even the USA. So, bottom line, expect much volatility and trade the price. Longer term, expect the so called double dip, as my bones tell me, this debt crisis will be around for a long time yet.