Paul Krugman says he would vote "no" on Greece's upcoming referendum

Response the Greek referendum, Paul Krugman says "I would vote no, for two reasons."

The eurozone economic is on huge disaster, Nobel-winning economist Paul Krugman says he would vote "no" on Greece's upcoming referendum on whether to accept the terms of a bailout put to it by its creditors. 

As reported from the newyork times Paul Krugman personal blog, Krugman explains that he would vote no because: one, because leaving the euro would be better than continuing the same program that has been in place for the last 5 years; and two, because voting yes on the referendum would essentially be a vote to replace Greece's Syriza government. 

Athens governor winner party, Syriza, led by current Greek prime minister Alexis Tsipras, campaigning on a platform of rejecting austerity measures imposed by Greece's creditors. But now the conditions and future of Greek is on his hand, that the moment has come to decide, is Greece going to be in or out of its current plan — and in effect, the euro — Alexis Tsipras has put the decision to the people of Greece.

Meanwhile In an editorial posted earlier on Sunday, The Financial Time wrote with some harsh words, basically saying that he is putting this referendum to the Greek people by saying it is a vote on austerity measures when it's really a vote on Greece's future in the euro.

Paul Krugman also sort of acknowledges that this vote amounts to as much, but thinks it is time for Greece to move on.

These are the description, "OK, this is real: Greek banks closed, capital controls imposed," Krugman writes.

"Grexit isn’t a hard stretch from here — the much feared mother of all bank runs has already happened, which means that the cost-benefit analysis starting from here is much more favorable to euro exit than it ever was before."

Source: Paul Krugman blog The Newyork Times