Prime Minister Alexis Tsipras of Greece surprised the rest of Europe over the weekend by calling for a referendum that will ask voters whether to accept terms put forth last week by eurozone creditors — terms he says are unacceptable.
So far, the creditors have refused to grant an extension of the current bailout program beyond Tuesday. Without that extension, Greece has no chance to receive the €7.2 billion remaining in the current program. (The conditions under which Greece might get that money are what the months of fighting have been about.)
Any arrangement with Greece after the referendum would, as a legal matter, require new negotiations and a new program.
