Greek Prime Minister Alexis Tsipras has gotten his way on the referendum to accept or reject the bailout terms of the EU.  With a resounding "no" vote, the Greek electorate swallowed whole Tsipras's delusion that rejecting the bailout terms would strengthen his negotiating position. In fact, he has fatally weakened it, and it's questionable whether the Greek economy survives the week. The twin power centers in Europe – the European Commission and the European Central Bank – are both saying this morning that the next move is up to Greece.  EU finance ministers are saying that negotiations are still possilble but that Greece must come up with new proposals. And the Germans, who hold the lifeline for Greece in their hands, are adamant that the referendum changes nothing. The Telegraph: Chancellor Angela Merkel's spokesman says Germany sees no basis at present for entering negotiations on a new bailout program for...(Read Full Post)