REUTERS/Yves Herman - Greek Prime Minster Alexis Tsipras (L) is welcomed by European Commission President Jean-Claude Juncker ahead of a Eurozone emergency summit on Greece in Brussels, Belgium June 22, 2015. The European Union welcomed new proposals from Tsipiras as a "good basis for progress" at talks on Monday where creditors want 11th-hour concessions to haul Athens back from the brink of bankruptcy.
Greece and the rest of Europe. My crystal ball blew a fuse and completely failed to predict that Prime Minister Tsipras would call a referendum in Greece for next Sunday, requesting support for rejection of the current European proposals. Judging by the commentary, it caught virtually everyone else by surprise, too. This is both an illustration of the difficulty of predictions in this fraught situation and is a game changer in its own right that makes the immediate future even murkier. Yet the larger fundamentals have not changed, so this is a good time to review what we can reasonably know and what is simply unknowable at this point. Read More ›