What is at stake in the referendum? | Guntram B. Wolff at Bruegel.org

What is at stake in the referendum? | Guntram B. Wolff at Bruegel.org

The decision by the prime minister to call a referendum leaves the Greek citizens with a stark choice. The core of the question is whether Greek citizens will be ready or not to accept that in a monetary union financial assistance and solidarity are only extended if – in turn –the recipient accepts jointly agreed conditions. This is the core of the debate of the last months. It is this principle that the creditors will not be ready to give up – also because of their conviction, that a monetary union requires binding commitments and constraining institutions.