Or have they?
Belgian Finance Minister Johan Van Overtveldt was somewhat softer in his reaction, saying a "no" result "complicates matters," but that the door was open to resume talks immediately.Some folks in the EU value talks over results. Actually, most folks these days seem to value talks over results, else we would not be "negotiating" with Iran over how much we should give them in addition to letting them develop nuclear weapons so they can fulfill their promises of destroying Israel. But I digress.
"What we certainly don't want to do is to take decisions that will threaten the monetary union," he told Belgium's VRT. "Within that framework we can start talks again with the Greek government, literally, within hours."
Germany is the country funding these bailouts of Greece, for the most part, and I think they're tired of it. I think we can look forward to no more EU money for Greece, which will practically require Greece to leave the Euro and return to the drachma, possibly as early as this coming week. The question the becomes, does the euro survive? I think Germany has a strong incentive under these circumstances to return to the deutsche mark. I guess we'll see if countdown to the drachma also means countdown to the mark. I think both countdowns have started.