The Greeks are down, but they’re not yet out

Shocked at the result of the Greece’s weekend referendum, Bloomberg columnist Megan McArdle is trying to figure out what’s next for the country and if it will exit the euro.

GREECE has decisively voted no (or “oxi”) in the referendum. And I mean decisively.

I am shocked. I probably shouldn’t be. I’ve been pointing out for a while that countries often do seemingly crazy things to themselves when they are mad at foreigners. The worst possible analysis of any sort of international situation is to say “Obviously, they’re not going to do that, because that would be crazy”. There were probably a lot of reporters standing around saying that in 1914, while the crazy people went off and started the First World War.