Greferendum and Grexit: the knowns and the unknowns

AS the Greek drama unfolds, new words are being coined by the day, trying to catch why a fully manageable debt overhang in a tiny country (Greece's GDP accounts for 1.8 per cent of the eurozone total GDP!) threatens to unravel an unmatched international political and economic construction.

The "Greferendum" - the unexpected decision of Greek Prime Minister Alexis Tsipras to call for a referendum on the bailout agreement process - is scheduled for July 5.

The decision was made during "last minute" negotiations in Brussels last Friday aiming at ensuring that Greece could repay a 1.6 billion euro (S$2.4 billion) debt obligation to the IMF due on June 30 and at adjusting the bailout programme agreed in previous years.