Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy

‘And now for Greece’s moment of truth. Or not, as the case may be. The effectively bankrupt country, its economy paralysed and its banks set to run out of cash on Monday, goes to the vote in a referendum that may determine its continuing membership of the euro, as well as the fate of Prime Minister Alexis Tsipras and his Syriza government. But no one knows what will happen. Only one thing is sure. More hardship beckons.

A Yes vote (to a bailout package that, incidentally, is no longer officially on the table) spells further austerity. A No vote could well bring a return to the former currency, the drachma, and generalised national impoverishment. Or, just conceivably, if the EU blinks in fear of a disintegration of the euro – even of the entire European project – a No majority might just be the key that unlocks the door to a deal.’

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