Many Greeks were celebrating on Sunday night after the nation voted to reject the terms of a bailout offer from its worldwide creditors, which would have provided further loans to bolster the country’s flailing economy in exchange for additional austerity measures.
Greek Finance Minister Yanis Varoufakis has said the resounding No vote means they will reopen on Tuesday.
MARTIN CUDDIHY: Prime minister Alexis Tsipras says negotiations with creditors will begin later today.
“Let us, then, take a decisive stand in support of democracy-for a better future for all of us, in Greece and Europe”, Tsipras said.
European Central Bank policy setters are likely to maintain emergency funding for Greek banks at its current restricted level, people familiar with the matter said on Sunday.
The crowd in Athens shouted “OXI” meaning “NO” as they all raised Greek flags to show their pride as Greeks to exert their own force and determination as a people.
European Union President Donald Tusk said on Twitter: “I have called a #EuroSummit Tuesday evening at 18h to discuss situation after referendum in #Greece”. However, a “no” vote would most likely threaten Greece’s standing in the eurozone.
The talks are to focus on Franco-German cooperation in light of the Greek result, German government spokesman Steffen Seibert said.
If the “no” side wins, Kalyvas said other eurozone countries could refuse to negotiate a better deal for Greece due to their distrust of Tsipras.
“I have been jobless for nearly four years and was telling myself to be patient”, said 43-year-old Eleni Deligainni, who said she voted “No”.
“I trust this man”, said Zoe Vergaki, a young musician among Greek Prime Minister Alexis Tsipras’s cheering supporters on the capital’s Syntagma Square.
After years of living on borrowed money and paying the price with savage austerity, Greeks were choosing between more of the same, or a rupture with Europe that could spell disaster. Greece leaving the euro would obviously be bad optics, but there are concerns other countries, like Spain with its 22-percent unemployment rate, could revolt if they see Greece getting special treatment. The deal specified that the funds would not be released until Tsipras’ administration submitted reform plans that were approved by the country’s three creditors – the worldwide Monetary Fund, the European Central Bank and the European Commission.
As voters flooded polling stations, large lines once again formed at ATM machines where Greeks withdrew their daily limit of 60 euros ($67) – part of the banking restrictions imposed June 28 in an attempt to halt a bank run.
Jeroen Dijsselbloem, who chairs the eurozone group of finance ministers, said the vote was “very regrettable” for Greece.
“As Reuters writes, the referendum is being “[held] against a backdrop of default, shuttered banks and threats of financial apocalypse….