July 5, 2015 - Greek independence day

The news coverage is thick on the Greek referendum where the population rejected the Troika ultimatum. This was a big game of chicken and the Greeks just won not only the game but potentially their independence from the death grip of the horribly flawed Euro monetary union design. I've been expecting this since 2010, it only took 5 more years for the Euro system to break.

Still, there are mostly unknowns ahead for the EU, IMF, ECB, and Greece. A lot of different scenarios can unfold, including Greece staying in the euro while defaulting on the debt. They could end up out of the euro eventually. What they can't do is repay their outrageous debt in euros. This also sets a precedent for other members to turn their backs on the smart people running the EU experiment. It is going to be difficult and painful for the Greek people in the short run, but I hope they make the adjustments they need to right their economy. A big step forward is to dump their debt or at least give it a big fat haircut.