Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies

Alexis Tsipras says the deal his European partners, principally Germany, and the IMF want Athens to agree to is “humiliating” and “undemocratic”. To “prove” his point, the Greek Prime Minister is organising a referendum on it fully four days after the latest repayment to the IMF falls due. By then, with a run on the Greek banks already well under way, it may be too late anyway.