Over the weekend the Greek crisis has escalated. The Greek Prime Minister has called a referendum on whether or not the Greek people will support the latest proposals.

The vote will be on 5 July and the Greek government has made it clear it supports a ‘No’ vote. A no vote is likely to mean that Greece defaults and potentially exits the Eurozone.

Greece has introduced capital controls to stop a run on banks, which will be closed until 6 July. The news has caused a ripple effect in the markets – European stock markets are sharply lower and GBP:EUR has hit a seven-year high.

Europe’s political leaders are scrambling to address the crisis. Greece is now on track to default on its €1.6 billion repayment to the International Monetary Fund tomorrow.

The European Central Bank has also refused to extend bailout loans and emergency liquidity assistance to the Bank of Greece. With political uncertainty now the only certainty until the referendum on 5 July, traders are likely to continue using the US dollar as a safe haven until the curtain comes down on the Greek drama.

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