Hugo Dixon is a columnist and entrepreneur. His most recent book is "The In/Out Question: Why Britain Should Stay in the EU and Fight to Make it Better." He founded Breakingviews in 1999, and was editor and chairman until it was acquired by Thomson Reuters in 2009. He continued to edit it until 2012. Before founding Breakingviews, Hugo spent 13 years at the Financial Times, the last five as Head of Lex. He began his journalistic career at the Economist. Follow him on twitter: @hugodixon
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Athens and its euro zone creditors may restart negotiations in the next few days. But the gap between them is huge. The protagonists may go through the motions to show they have tried rather than because they expect a deal will be clinched.
After the people gave an emphatic “No” to the creditors’ proposals, there are still several ways Athens could avoid the drachma. But none seems terribly likely. All routes will lead to further hardship.
Even if the Greeks vote “Yes” in Sunday’s referendum, the country will struggle to pay a bond owned by the ECB on July 20. Failing to pay could trigger the bankruptcy of the country’s entire banking system. Financial engineering may provide a solution.
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