The Greek Referendum

Greek Debt Crisis: Europe, Athens Race to Sway Greeks in Bailout Referendum


Greeks now face an intense referendum campaign against the backdrop of an economy going into deep freeze. Over the coming days, the debate about the history-making consequences of voting “yes” or “no” is likely to polarize their crisis-bruised society. In the balance are the future of the nation and Europe’s 16-year experiment with a common currency.
Comment: The choice is less real money (austerity with the Euro) or an abundance of fake money (the Greek drachma). Image capture from The Financial Times


  1. The latest: Greece threatens top court action to block Grexit:

    Greece has threatened to seek a court injunction against the EU institutions, both to block the country's expulsion from the euro and to halt asphyxiation of the banking system.
    “The Greek government will make use of all our legal rights,” said the finance minister, Yanis Varoufakis.
    “We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable,“ he told the Telegraph.

  2. WSJ: Greek Suicide Watch -- Athens has itself to blame if it defaults and leaves the euro.:

    A euro exit would be a tragedy—especially for Greeks. Optimists claim a return to a cheaper drachma would be good for tourism, but that would come with a huge decline in living standards. Greeks who owe debt in euros but suddenly earned income in drachmas would be crushed. Another deep recession would be inevitable.

    Appeasing Syriza’s demands could spread political contagion to Spain, Portugal and other countries that might think they too can avoid reform and still be rescued. A last-minute reprieve is possible, but if not the Greeks will have committed suicide by ignoring economic reality. Voters in Europe, Japan and the U.S., take note.

  3. Greece debt crisis: Tsipras may resign if Greeks vote yes:

    Speaking live on state TV on Monday evening, Mr Tsipras appealed to Greeks to reject the creditors' proposals, saying this would give Greece "more powerful weapons" to take to the negotiating table.
    "We ask you to reject it with all the might of your soul, with the greatest margin possible," he said.
    He told viewers he did not believe the creditors wanted Greece out of the eurozone "because the cost is immense".
    Mr Tsipras also hinted strongly that he would resign if the result of the referendum was a "yes" vote.
    "If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head... we will respect it, but we will not be the ones to carry it out," he said.


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