World watches Greece with bated breath

30th June, 2015:Today is the day! The deadline set for Greece to meet its obligation to pay the creditors. But Greece Finance Minister, Mr Yanis Varoufakis who is the second most influential Minister has confirmed that Greece wont make the payment today! Greece was given a deadline upto today to pay € 1.6 bil.

The one question uppermost in the minds of most people is.... WHAT NEXT?

In the meanwhile, German Chancellor Angela Merkel and European Commission President Jean-Claude Juncker have both said that the "door remains open" for a new bailout deal urging Greeks to vote "yes" to the referendum.

The Greek Prime Minister, Mr. Tsipras has passed the buck to the Greek voters by announced a national referendum on July 5. He declared that the creditors were insisting on “strict and humiliating austerity,”

The global financial markets yesterday plunged on what is being called as “Manic Monday” based on news about the breakdown of negotiations and the call for a referendum from the Greek voters on the bailout deal. The Greece Government action of closing the banks and financial markets for a week triggered fears of a messy exit from Eurozone.

The Greek Prime Minister Mr. Tsipras, a young 40, had been stuck with extensive and often bitter negotiations with Greece’s creditors. He has been faced with intense criticism internally and the looming prospect of default. Mr. Tsipras has passed the buck to the Greek voters by announcing a national referendum to be held on July 5. He declared to the nation that the creditors were insisting on “strict and humiliating austerity”.

He practically nudged the Greek voters towards a “NO” vote  saying “We should respond to authoritarianism and harsh austerity with democracy, calmly and decisively ….. Greece, the birthplace of democracy, should send a resounding democratic message to the European and global community.

In the meanwhile on Monday, European leaders asserted despite all this a deal was still possible to settle Greece’s spiraling debt crisis. But there was no clarity about how that could happen before Greece runs out of cash to pay loans due on Tuesday.