The EU refused to grant Greek banks extra credit, forcing their closure for seven days until the outcome of a national referendum on the bailout called by Greek prime minister Alexis Tsipras. Paul Mason, Economics Editor for Channel 4 and author of Why Its Still Kicking Off Everywhere, writes on how the Eurozone has reached its nadir.
In a special long-read published on his Channel 4 blog, Paul Mason offers five pictures of Greece on the verge of default.
A divided population?
As the crunch approaches the atmosphere has changed. For six months the centre right in Greece was prepared to wait and let Alexis Tsipras try—and fail—to secure a letup on austerity. Now the old political establishment has understood he intends to take this to the bitter end: a default on Greece’s June payment to the IMF, with possible dire consequences for the banks as early as Monday night.
No one can really predict an election, but I don't think anyone expected a majority Conservative government. As we look to a future of more food banks, increased poverty and homelessness, as well as soaring inequality, we present a reading list featuring leading voices dealing with the key issues in British politics today.