Eurozone and Greece at historical crossroads

GREECE will hold on July 5 a referendum on whether to approve a package of reforms and fiscal measures proposed last week by its creditor institutions - the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF). The decision to hold the vote represents a monumental gamble by the Greek government with the country now facing its most critical moment since at least 1974 following the collapse of military rule and the restoration of democracy.

While Greece remains the epicentre of the crisis, tensions are building across the eurozone too. The econo…