Greeks Vote “NO!” to Bailout Terms

The Yes/No vote was “no” by 61%. Greece votes 'no': Now what?.

Though the terms they were voting on weren’t really on the table on Sunday. The Prime Minister thinks this will give him a leg up on future negotiations. Of course if the Germans held a vote on continuing to fund the Greeks, I think they might vote no by a similar margin.

Greek Prime Minister Alexis Tsipras is meeting with leaders of six of the seven parties represented in Greece’s parliament on Monday to share his strategy for negotiations with creditors on a new bailout deal. Tsipras had called for the referendum and urged a “no” vote to strengthen his hand in getting a better deal, but it’s not clear if the creditors will offer new concessions.

The PM asked the Finance Minister to resign – basically saying he was too much of an “in your face” negotiator. As if that’s where the problems came from.

Greek banks are still closed and face insolvency. Eurozone is holding emergency meetings. European Central Bank is trying to figure out what if anything to do to help the Greek banks. And everyone is getting ready for a Grexit – Greeks exit from the Euro, and perhaps from the EU.

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2 thoughts on “Greeks Vote “NO!” to Bailout Terms

  1. I am somewhat taken aback by the stance of the Germans. For there was a time, over 80 years ago, when their country owed a lot of money and the debtors demanded more and more austerity from the German government.

    It didn’t end so well for anybody.

    • I don’t think people have memories that go that far back. Besides, most recent go-round with austerity in Germany was in the 1990s – self-imposed by Gerhardt Schroeder (who was voted out after the fact…) but it created the German economic powerhouse of today. (Or the past 10 years anyway).

      Besides, the Germans are wondering why they can’t retire at 50, but they (and a few of the Scandinavian countries who are also doing well) are supposed to subsidize the Greeks when they do retire at 50.

      That and pushing Greece into a corner isn’t likely to be as damaging as pushing Germany into a corner.

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