It is difficult to write anything about Greece in the current confused course of events, but I thought this Guardian video captured the situation well:
Unfucking Greece will not be easy. I take it this is the International Monetary Fund report the government is relying on to claim that austerity won’t work. But what the report says is that the debt is unsustainable because of Greek government policy failures.
Later today the Greek Council of State is supposed to rule on the validity of Sunday’s referendum. If it goes ahead, it will be a referendum on staying in the eurozone, though the question posed is not about that but rather about the austerity package the European Union has been pressing.
If I were betting, it would be on a Greek exit from the eurozone, which seems to be the only way to force its creditors into restructuring and reducing its debt. But anyone expecting the good life to return with the drachma is fooling themselves. Devaluation will impoverish Greeks even further.