Alexis Tsipras calls bailout referendum

The Greek prime minister, Alexis Tsipras, has called a referendum on what describes the "unbearable" bailout plan the EU and IMF are offering.

Greece is due to make a consolidated payment to the IMF at the end of this month but doesn't have the money to so. Even if the Greeks vote to accept the bailout terms on July 5th, there's no guarantee they'll get the money as they'll have already gone into arrears with the IMF.

There is no hope of the Greeks ever paying their debts and recovering from their current financial crisis whilst they remain members of the EU and the €urozone. The best thing the Greek people can do is vote no to the bailout and leave both the single currency and the EU and pursue an Icelandic-style recovery.