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Greeks Overwhelmingly Vote Against Bailout Terms

Greeks Overwhelmingly Vote Against Bailout Terms

More than 60% of Greeks on Sunday voted a resounding, ‘’NO’’ to the bailout demands by their international creditors. The result has been described by analysts as one that could increase the rift between Greece and the rest of Europe, and further push the country towards bankruptcy and eventually quitting the euro. In fact, the vote is considered to be one of the biggest blows to the European monetary union since the launching of the Euro in 1999.

Sunday’s referendum was mainly focused on austerity measures and other overhauls that had been requested in the recent talks by the officials of the European and International Monetary Fund. Despite the bleak future that this outcome presents to Greece, it sparked celebrations spanning deep into the night across several cities in the country like downtown Athens.

During the celebrations on Syntagma Square, Zoe Vergaki, a young artiste in the company of supporters of the Greek Prime Minister, Alexis Tsipras yelled, ‘’I love this man.’’ Crowds danced to the music of ‘Zorba the Greek’’ with many cheering the Premier for the referendum’s outcome. ‘’Whatever deal he comes up with, I will support him,’’ added Ms. Vergaki in reference to the Prime Minister.

According to the international creditors, the measures were aimed at hiking pension cuts, value added tax among other austerity conditions. The rejection of these demands by the Greek government is likely to enhance the conviction that it can now be able to successfully request its creditors to initiate a better deal that entails lighter fiscal measures and increased debt relief.

With the rejection of the creditor’s demands, dire consequences are looming on Greece. A team of European finance ministers are expected to meet on Monday to discuss the offer by Greek government to resume talks. There are also reports of another planned meeting between the French President Fracois Hollande and Germany’s Chancellor Angela Merkel to discuss the way forward in dealing with the country.

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