Greece Voted No On Referendum, What Now?


The results were an overwhelming 'no' on Sunday from the Greece citizens, after they came out in force to vote and successfully succeed in rejecting the bailout offer. Final results were 61.3% "No", against 38.7% who voted "Yes". In response, a summit including the eurozone heads of state has now been scheduled for Tuesday this week. 

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Following the vote, it was announced that the Greek finance minister, Yanis Varoufakis, had resigned; following through on a promise he had made prior. Shortly after the referendum results, Varoufakis took to his personal blog to announce his resignation and detail his concerns over the incident. “Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings,” wrote Varoufakis. Considering his recently expressed public sentiments on the worsening financial crisis, it's no surprise why there would be a backlash of pressure against him. Earlier on Saturday, Varoufakis had accused eurozone heads of “terrorism” when he detailed what they were doing to the economy and nation.

 

The Asian markets fell sharply following the results of the vote, there were falls across the board, but the losses were limited. These falls could be a symptom of the recent voting results in Greece, but it could also be a symptom of the bubble that has already developed within the Chinese stock market this year. On Saturday, it is reported that China's 21 largest brokerage firms collectively spent roughly 120 billion yuan, in an effort to try and stabilize the market in preparation for the referendum voting results in Greece. Other markets are also expecting to see some trouble later in the week.

 

Many citizens within Greece are currently struggling financially, some having to resort to bartering with their neighbors in order to get food and other necessary items. Store shelves have gotten low on necessities like flour and sugar, and there are also shortages expected with medicine and other items, as the financial crisis continues with no real solution anywhere in-sight.  Prime Minister Alexis Tsipras has insisted that the vote results offer “a mandate to strengthen our negotiating position [in order] to seek a viable solution.” It is expected that the European Central Bank will meet to discuss the worsening crisis with Tsipras on Monday, it is expected that they will lay-out the provisions for emergency liquidity to Greek banks. 

 

Eurogroup president Jeroen Dijssebloem has come out criticizing the results of the vote, noting that the result “is very regrettable for the future of Greece.” Even though Prime Minister Tsipras insists that these results don't necessarily indicate that Greece is “grexiting” from the Euro anytime soon. 

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Eurozone leaders are expected to debate the Greece crisis at an emergency summit, on Tuesday this week. Despite the Prime Minister's affirmation that Greece isn't looking to “grexit,” many financial analysts have predicted that the country will exit the eurozone. Following the referendum results, celebrations and protests ensued, with police publicly confirming that at least 150 “anarchist protesters” had started throwing firebombs at riot police, as well as setting trash cans on fire in Athens. 

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 Luke Rudkowski of WeAreChange was on the ground in Greece and witnessed the celebrations, riots, and clashes with police first-hand. 



 
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