Greece has returned a resounding NO to EU austerity. This is probably not a shock for many, it wasn’t to me.
The EU has failed the Greek people as well as the rest of the European population. There’s too much bureaucracy and not enough good governance. Too many fudges and “special” deals. Dare I mention the eternal joke that is the EU having two parliaments which it regularly shuttles between at great cost? Or the way that some countries are allowed to break EU agreements that they find inconvenient and without sanction or punishment?
The Greek vote is a challenge to the EU, or should I say France and Germany, and I suspect that the EU (France and Germany again) is going to punish the Greeks for their impudence and the threat their vote poses to their beloved European Project and its aim of ever closer union. Something that just isn’t ever going to succeed for so many reasons.
My advice? if you have a major investment in the Euro currency then I’d look to divest myself of that investment at the earliest opportunity. Preferably before there’s a run (possibly) on the Euro and the whole crumbling EU Project.