What Was The Point Of the Referendum?

The Greek government held a referendum regarding the bailout and the Greek exit from the Eurozone last Sunday, the Greek people voted a resounding “No”, and yet the latest reports show that that Greece has submitted "thorough" proposals, aiming to get a third bailout to avoid an exit from the Eurozone. More importantly, these proposals contain many elements that were rejected on the referendum last Sunday, but Tsipras will put said plans to a parliamentary vote on Friday. Clearly Tsipras and his government aren’t about to listen to the will of the Greek people, even though they paid millions and millions of euro, despite being broke, to hold a referendum which turned out to be pretty pointless in the long run.

Either way, everyone seems to be hoping to strike a deal on Saturday and that means that we can expect further volatility on the market on Monday.