Greece enters uncharted territory after referendum ‘no’ vote

Greeks voted Sunday to decline a bailout offer from worldwide creditors, jeopardizing its place in the euro zone and casting further doubt on the country’s economic future.

At Syntagma square in central Athens, several thousand people waved “No” banners and chanted, “they will never win”, as the results of the referendum trickled in.

In a statement on his blog, Varoufakis said the vote was a “unique moment when a small European nation rose up against debt-bondage”.

“A “No” victory doesn’t mean there’s any more hope for Greece than before”, said Nika Spenzes, 33 and unemployed, who was walking in the opposite direction of the party. Opposition leader Antonis Samaras announced his resignation after suffering a big defeat in Sunday’s referendum.

While the Greek government told voters this wasn’t a certainty, Credit Suisse Group has estimated there was a 75 per cent probability the country will be forced out of the shared currency, Bloomberg reports.

But everything will hinge on the reaction by his European partners.

Counting is underway in Greece after a referendum on Sunday that could determine the country’s future in Europe.

Greek Prime Minister Alexis Tsipras said his anti-austerity government is willing to resume talks with worldwide creditors, after Greek voters resoundingly rejected bailout terms in a referendum yesterday.

Eurozone finance ministers decide to let a Greek rescue plan expire on June 30, effectively ending talks with Athens on more aid.

“I voted “No””, she said after casting her ballot in Greece’s bailout referendum.

The margin of victory was far wider than expected, and is likely to strengthen the young prime minister’s defiance toward Europe.

We are entering uncharted waters.

“I voted for Tsipras and want to vote “no” because I’ve lived in Europe and know what rights Europeans and Greeks have … they don’t have the same rights”, he said.

It’s the first time a developed nation has defaulted on an International Monetary Fund loan with the country losing access to existing financing.

The European Central Bank is meeting Monday to discuss extending a new lifeline to Greek lenders, which have been closed for a week under capital controls that were imposed by Tsipras to stem withdrawals. The assistance, now at around 90 billion euros (£64 billion), has been maintained but not increased in past days, leaving the country’s financial system in a stranglehold. The country’s banks were shut all last week to prevent a run on the country’s currency, and are due to reopen tomorrow.

“Anybody who thinks the banks are going to open again on Tuesday is daydreaming”.

Greece neared bankruptcy in 2010 after the 2008 financial collapse. It is unclear when they could restart, but the government has said it believes a deal with creditors could be reached within 48 hours of the vote.

“EU leaders must get together immediately, even on Monday”. Alexis Tsipras has called the eurozone’s bluff – and it appears to have gone his way.

Finnish Prime Minister Juha Sipila said Greek voters had chosen “an uncertain path”.

German Chancellor Angela Merkel and French President Francois Hollande spoke last night and agreed “the vote of the Greek people must be respected”, Mrs Merkel’s office said. “If the situation improves and we can have a deal, then the banks will open”.

The word “Grexit” has dominated the past months of negotiations on Greece.

THE Greek people have spoken. Now we only have to wait and see what lies next.

Germany’s economics minister and deputy Chancellor Sigmar Gabriel said fresh negotiations are “difficult to imagine” and that Greece had “torn down the last bridges”.

“The message from the “No” is that we’re not scared after all the pressure that we faced from both Europe and within”, said Stathis Efthimiadis, a 47-year-old teacher. The vast majority was persuaded by his arguments in favor of a “no” vote and made him master of the Greek political scene.