Greece Crisis Referendum Declares No to Bailout Offer

Greece has been trap in the current economic stream and is trying its best to come back on its feet again. The problem of Greece debt crisis is become severe with each day and in front of IMF rules and demands Greece government decide to have referendum.

Greece Crisis Referendum Declares No to Bailout Offer

Greek voters have conclusively disallowed the terms of an international bailout. The last result in the referendum published by the interior ministry was declaring 61.3% as No against 38.7% who voted yes. Greece’s leading Syriza party had electioneered for a “No” saying the bailout terms was embarrassing.

Their adversaries advised that this could see Greece expelled from the Eurozone, and a conference of Eurozone heads of state has now been called for Tuesday. This has been a huge turn in the year’s alliance of Eurozone.

Greek Prime Minister Alexis Tsipras said

“It is clear that Greeks had voted for a Europe of commonality and equality. As of tomorrow, Greece will go back to the transferring table and our primary precedence is to restore the financial constancy of the country. The huge turn is this time the debt will be on the negotiating table. International Monetary Fund taxation published this week indorses Greek opinions that rearranging the debt is essential”.

According to the Financial Experts, Greek banks are badly in need of a creditor of last option to save them and the Greek economy. Greek government administrators have asserted that refusing bailout terms would reinforce their hand and that they could quickly be able to deal for fresh funding in recommenced negotiations.

But certain European officials had said that this “No” would be realized as an absolute refusal of talks with creditors. But the triumphalism won’t last. Most of the Greek television channels have been publicizing that Prime Minister Alexi Tsipras will cut short the meeting presently taking place of political party leaders at the presidential palace to speak with Russia’s Vladimir Putin.

It seems that extractions at cash machines have been narrow to €60 per day. Greece’s newest bailout terminated on Tuesday and Greece lost a €1.6bn (£1.1bn) payment to the IMF. French President Francois Hollande and German Chancellor Angela Merkel are planned to see in Paris on Monday.

We’re expecting that the contract will be enhanced so the debt will be alleviated letting business activity to start-up again. Things have ground to a halt as the turnout in Sunday’s referendum was 62.5%.


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Bill Schroder

Bill Schroder is a Beirut-based correspondent for The World Beast. He has reported from over a dozen countries in the Middle East for such publications. Follow: Tweets by @SchroderBill