Developments are taking place at a very fast rate. We asked our Brussels e-briefings host Richard Werly to comment on the Greek referendum.Here is what he had to say:
Contrary to the situation in Spain, Portugal, and Ireland (ie countries rescued by the EU), Prime Minister Papandreou never managed to achieve national unity in Greece. The conservative party, though largely responsible for this mess when it was in power, continues to fight its austerity efforts. Calling on the people, in a way, to counter the political elite makes sense.
Stay with us for the further analysis.