Syriza

Radical Left Coalition (SYRIZA) State Minister Nikos Pappas, one of Prime Minister Alexis Tsipras closest associates, denied that the government was using the referendum as a ploy and would back down at the last minute. “The referendum will be held as scheduled,” he said during his address to parliament on Tuesday.

Thousands of Greek people are facing a serious cash crisis after the daily cash withdrawal limit from the country's ATMs was restricted to just 60 euros per day and the use of credit cards was frozen until June 7.

The level of the economic crisis being experienced at the moment is beyond what they imagined when they voted in January, electing the radical left coalition of Syriza. 

Prime Minister Alexis Tsipras had telephone contact with European Commission President Jean-Claude Juncker in an effort to find a mutually viable compromise solution to the Greek problem by Tuesday night. Sources state that Tsipras has made a proposal that would be of mutual benefit to both sides and that would solve the country’s credit problems.

Everyone is curious how the crisis in Greece will unfold. 

The grand delusion

In January, a large part of the Greek people believed that, without causing a problem to the European acquis of the country and without calling into question the improvement in the fiscal condition that was achieved owing to the sacrifices of the 2010-2014 period, they could make a choice of a government with radical characteristics.

“A clash with lenders will be an impractical choice, and if attempted the result will be the country returning to the trap of the memorandum, under worse conditions,” was the phrase used by SYRIA MEP Costas Chrysogonos in a letter addressed to Greek PM Alexis Tsipras on … March 19, 2015.

European Council President Donald Tusk has reportedly rejected a Greek government request, signed by PM Alexis Tsipras, for an extension of a bailout package for Greece by a week.

Most high-profile European leaders didn’t mince their words on Monday in the wake of the weekend’s dramatic twin “Grecian surprises” — a snap referendum and week-long capital controls — with the consensus being that the July 5 plebiscite will essentially decide Greece’s membership in the euro zone.

European leaders Monday pleaded with Greek voters to back hotly disputed bailout proposals in a crunch referendum or face leaving the euro as bank closures left many in Greece scrambling to find cash.

A lot of people are poionting fingers at Greece’s leaders with claims that they are acting irresponsibly, but Nobel-prize winning U.S. economist Paul Krugman said Greece is doing the right thing.

He argues that the financial noose arond Greece’s neck has strangled the Greek economy. Every loan comes attached with spending cuts, austerity and damage to the Greek economy.