Italy's Prime Minister says Greece's referendum is a choice between the euro and Grexit

Renzi TsiprasREUTERS/Remo CasilliHappier times: Renzi with Greek Prime Minister Tsipras earlier this year.

In less than a week, Greece will vote on whether or not to accept the bailout deal it has been offered by its international creditors.

If the country votes “Yes,” the deal will be accepted and the country might get its bailout cash, in exchange for economic reforms and austerity measures. If they vote “No,” Athens will have to work out a way to go it alone, and likely default on its debts soon afterwards.

The government’s official position is that a “No” vote could strengthen its hand against its creditors by displaying that the Greek people won’t accept the deal on the table.

That sounds a lot like wishful thinking — and Italian Prime Minister Matteo Renzi isn’t buying it.

This afternoon, he tweeted: “
The point is: greek referendum won’t be a derby EU Commission vs Tsipras, but euro vs dracma. This is the choice.”

That follows EU Commission Chief Jean-Claude Juncker’s dramatic intervention earlier on Monday, in which he said that the country leaving would be like “committing suicide.”

The actual question being asked on the referendum is a bit of a mouthful, and it’s not even clear that the offer is still on the table if the Greek people vote in favour of it. That’s because the bailout programme is terminated on June 30, and the referendum itself isn’t until July 5.

Meanwhile, capital controls and an enforced bank holiday are in place, so Greeks are queueing up at ATMs to get hold of their cash.

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