[Zarley]

Andrew Coyne had a well reasoned article about the Greek debt situation in the Post the other day:

Coyne: Greece at forefront of Europe’s game of chicken over debt

Perhaps the Greeks think they are calling Europe’s bluff. Except that, at one and the same time, they are calling their own. The Greeks may have formally voted to reject Europe’s terms, but meanwhile they are voting with their bank cards on the likelihood of their demands being met. The massive withdrawals of deposits from the Greek banking system is effectively a vote of no confidence in the very negotiating strategy they have just endorsed at the ballot box.

Left to themselves, it is probable that both Greece and its creditors would prefer to stall and fudge for as long as they can, neither concluding a deal nor decisively breaking off talks. Which is why there will be another stab at negotiations, notwithstanding the creditors’ pre-referendum insistence that no such negotiations were possible. But events may well overtake them: even with withdrawals limited to 60 euros a day, the Greek banks are rapidly running out of cash. Indeed, by the time you read this, it may already have happened.