News

Greece votes no

Greek voters have decisively rejected the terms of an international bailout.

The final result of the referendum was published by the interior ministry with 61.3% voting ‘no’ and 38.7% voting ‘yes’, with a turnout of 62.5%. There have been warnings of Greece being ejected from the Eurozone and a heads of state meeting has been called for Tuesday. A deal will have to be agreed quickly if they wish to stay [1].

The Greek Prime Minister Alexis Tsipras said late on Sunday that Greeks have voted for a “Europe of solidarity and democracy” and that his “primary priority is to reinstate the financial stability of the country” [1].

Greek Government officials have insisted that rejecting bailout terms would strengthen their hand, and that they could rapidly strike a deal for fresh funding in resumed negotiations.

Whereas Economists have suggested if Greece were to leave the Euro altogether and return to the drachma, this would keep the economy afloat.

Finance Minister Yanis Varoufakis has said that Greek banks would reopen on Tuesday pending a ‘no’ vote, although it is likely that withdrawals will still be capped, to avoid a potential bank collapse.

[1] BBC News Services. ‘Greece debt crisis: Greek voters reject bailout offer’. http://www.bbc.co.uk/news/