I’m not sure the Telegraph headline is an accurate summary of what is going on. The Greek referendum is turning out to be a vote on whether Greece ought to remain in the Euro-zone, so if that is how it finally turns out, and the Greeks vote to leave the Euro-zone, the previous agreements will have been OBE anyway.

Given the Telegraph’s history of antipathy towards the Euro (and all of the European integration program) I suspect they want to cast the European Union as the big bad centralized authoritarian power, when in reality what is coming to a head is simply the Greeks’ lackadaisical approach to their fiscal policy.