The Greek decision to hold a referendum on the Euro Zone bail out has roiled the markets. As if a mighty Trojan Horse has been wheeled into the City the spectre of a Greek default is on the cards again. If Greece defaults it is likely that others will follow resulting in Credit Crunch 2. Like Credit Crunch 1 only worse. Hardly a recipe for booming house prices. Will the embattled Greeks bite the bullet and thereby bequeath a massive debt burden to their off spring for generations to come? Maybe for them default would be the lesser of two evils. In the meantime the hope remains that the Chinese will bail out everyone. Until the mess in the wider economy is sorted out then the housing market will remain dysfunctional with vanishingly low turnover.