Greek finances in ruins & cellphones turn 30 in Canada: BUSINESS WEEK WRAP

One story dominated virtually all others this week and that was the ongoing financial crisis in Greece.

On Sunday, Greeks are heading out to vote in a national referendum on the terms under which the country will repay its bills.

With polls suggesting a neck-and-neck split for the two sides, it's anyone's guess whether the No side or the Yes side will win. But regardless of who does, there's a lot of confusion as to what the vote is all about.

Technically, the 168-word ballot question asks whether or not Greece should agree to the repayment terms that its troika of lenders was demanding before the country went in arrears on its loan from the IMF on Tuesday.

But depending on who you talk to, the vote is really about whether or not the country's should have to repay its debts at all, and even whether the country should remain in the eurozone or EU itself.

"If I was there on Sunday I would be asking a lot of questions about what the question on the referendum sheet actually means," social entrepreneur Andreas Souvaliotis told The Exchange with Amanda Lang this week. "Yes means 'yes, at least let's go try and make a deal' but frankly if you've looked at the question on that referendum it's not even clear."

Golden years far from gilded

Greece isn't the only country that has pensioners worried about the future. A study we reported on this week said that for almost half of Canadian retirees, the date they left the workforce happened earlier than they expected and also involuntarily.

According to the poll of more than 2,000 Canadians by Angus Reid, those who retired early were more likely to say they were struggling financially, with 27 per cent admitting they did not have enough money to do everything they want.

And it's not just a problem for seniors themselves, because as they dig themselves deeper into debt, there's pressure on the younger population to lend a hand.

"It's not just that generation but it's other generations as well who end up pitching in to help out," bankruptcy trustee Douglas Hoyes told us this week. "So yes it's something we all need to be concerned about."

Cellphones turn 30 in Canada

It's hard to remember, given how ubiquitous they have become in our lives, that cellphones haven't actually been around for that long. But a birthday this week reminded us of just how new they really are.

In July 1985, 30 years ago this week, Victor Surerus became the first cellphone customer in Canada when he paid $2,700 for a portable phone that he had to carry around like a briefcase. His phone bill for the first year, he recalls, came in at $10,000.

"The price was high to pay for it, but it was worth it," he recalled this week.

Our story on the first cellular customer — and the first cellphone call — is a great snapshot of a time that wasn't all that long ago. If you missed it on Canada Day, it's well worth your time now.

Other stuff

Those were some of our most-read stories this week. Be sure and follow us on Twitter here for more, and don't forget to check out our website often for all the latest financial news. And in the meantime, here's a day-by-day list of some of our most popular offerings over the past five days.

Monday:

Tuesday

Wednesday

Thursday

Friday