This is a big week for Greece – and the European Union. For the past few months there have been endless negotiations between Greece’s newly elected Syrzia government and the troika of lenders that have been providing fiscal support since the financial crisis. The talks have been bloody and acrimonious with Greek leader, Alexis Tsipras accusing other EU leaders of blackmailing his country into accepting impossibly punitive austerity measures in return for continued – if fragile – solvency, and IMF president Christine Lagarde doggedly sticking to the payback schedule.
With entrenched positions on both sides, talks have broken down and everyone faces a nail-biting wait to see what will happen in the final moments of June before Greece’s next loan payment is due. There’s a very real possibility of a Greek exit – or Grexit – from the single currency and from the union itself if Greece defaults on its debts.