6/29/2015
By Charles Payne, CEO & Principal Analyst

Late on the Friday evening of June 26^th, Alexis Tsipras announced that parliament would vote on a referendum that would allow the Greek citizens to vote on the next move in its never-ending saga.

The voting will take place on July 5^th, however the default happens on July 1^st.

The creditors are not amused and seem determined not to put any more cash in this game until Greece puts more skin into the game; a lot more skin.

The Greek Prime Minister, an advocate of the so-called game theory, seems to be in disarray. In the meantime, the spigot is being cut off. The Emergency Liquidity Assistance (ELA) program operated by European Union (EU) central banks, but overseen by the European Central Bank (ECB) is being shut off, which means no money for Greek banks, which will not open this week in order to avoid a run by desperate citizens.

The US market would be hit hard on Monday, June 29^th as the unthinkable from a week ago is becoming a reality. Greece will go into a technical default with the International Monetary Fund (IMF) on June 30^th, and it is being cut off by its European creditors.  

http://www.wstreet.com/member/commentary.asp?con_id=35455#addcomment

Charles Payne
Wall Street Strategies

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