Written by Jason Karaian wlo is Senior Europe Correspondent for Quartz, based in London. Before moving to London he was a macroeconomic analyst in Chicago, where he developed an affinity for data and statistics that he now uses to enrich—and demystify—stories about the business world.
Democracy is messy. The Greeks know this better than most, having essentially invented the concept.
But by unexpectedly calling for a public vote on its latest bailout proposal, the Greek government—in the name of democracy— has triggered a highly uncertain sequence of events that it seems ill-equipped to manage. The latest brinksmanship led Greeks to empty their bank accounts over the weekend, fearing for the stability of the country’s teetering financial system.
To stem the tide, banks will be closed on Monday (June 29), with withdrawals at cash machines likely limited to just €60 per day when they do reopen. These drastic restrictions are necessary to keep the banks afloat, and more importantly, to keep Greece in the euro zone. The euro itself took a bit of a beating in early Asian trading.
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