This metaphor traces back to the Shakespearian play, Julius Caeser, when a conspirator quizzically ask about Cicero’s attitude towards Caeser’s bizarre new regal behavior.
Going into Sunday’s referendum, Prime Minister of Greece, Alexis Tsipras, in a call for patriotism appealed to his citizens to vote no. The consensus from the news stories during the weekend was that the Greek citizens would vote yes. With a big surprise to the world, the vote came in no.
So it’s back to the table for the all the adults. This is a very complex situation that is being played out on the world stage. Greece would like to stay in the Euro, receive immediate funding to open their banks and be provided meaningful debt forgiveness. The creditors want Greece to act quickly on a new program of reforms. The Greek economy is in a free fall, therefore too much reform could exacerbate the situation.
A Grexit would have even more complexities as no country has exited the Euro. Possibilities in Greece are rampant inflation, debt defaults and unrest. Bringing back the drachma could also have “devastating” effects on the import business. The exit could have lasting effects on the rest of the members of the Euro. It could lead to contagion that could spread to other European countries. The situation is changing rapidly, more to come soon.