Greece must be careful on fiscal referendum

 This effectively threw the cash-strapped nation into default. Sensing that this financial calamity was in the horizon, Greece Prime Minister and Syriza leader Alexis Tsipras quipped “it is useless to commit suicide just because you fear death”. Mr Tsipras then made a surprise call for a snap referendum that will be held on Sunday to decide on creditor proposals for reforms largely viewed as a ‘No’ and ‘Yes’ vote for Greece to either exit or remain in the eurozone.

Germany, France and Italy - eurozone’s three biggest countries have warned that a ‘No’ vote being pushed by Tsipras means exit from the single currency and the return of drachma.