Greeks reject demands for more austerity in key referendum

GREEKS, yesterday, voted on whether, or not, to accept the proposals put to their country by its creditors — the European Central Bank (ECB), the European Union (EU) and the International Monetray Fund (IMF) — with a resounding 61.64 per cent ‘No,’ against the ‘Yes’ ballots of 38.36 per cent as at the time of filing this report.

The leftist Syriza government had rejected the proposals and sought a ‘No’ vote. However, proponents of a ‘Yes’ vote said it would keep Greece in the Eurozone.

In summary, the vote was on whether to accept creditors’ proposals for more austerity in exchange for rescue loans, or defiantly reject the deal.

The governing radical-left Syriza party criticised the bailout terms as humiliating. Stalwarts of the party said rejecting the terms could give them more leverage in talks over the country’s massive debt.

Prime Minister Alexis Tsipras yesterday said that a “No” would show Greece’s determination “not only to stay in Europe but also to live with dignity in Europe.”

In essence, Tsipras is gambling the future of his five-month-old government on the snap poll – insisting that a “no” vote would strengthen his hand to negotiate a better deal with the country’s creditors, and a “yes” would be a capitulation to their harsh demands.

The opposition accuses Tsipras of jeopardizing the country’s membership in the eurozone and says a “yes” vote is about keeping the common currency.

Tsipras’ high-stakes standoff with lenders resulted in Greece defaulting on its debts this past week and shutting down banks to avoid their collapse, and lose access to billions of euros after an existing bailout deal expired.

However, international creditors have warned that a “No” vote could choke off vital funding for Greek banks and lead to “Grexit” — a chaotic departure from the common European currency.

The “Yes” campaign had framed the vote as a referendum on Greek membership of the eurozone.

Voters were asked: ‘whether to accept the outline of the agreement submitted by the EU, the ECB and the IMF at the Eurogroup of 25/06/15.’ (That is, do you accept the proposals of Greece’s creditors, which the government has rejected?)