Coriolanus
Banned
With nearly 75% of the votes counted, Greece's population has now made it clear that it does not want the government to take whatever deal the creditors offer them.
The government supported the vote for No, which won in every single electoral zone in the country.
What does this mean for Greece and the EU? We'll see. No one knows exactly how this will play out. Should be an interesting week.
As usual, please try to avoid "lazy greeks, they didn't do nothing!" rethoric. Tends to net people a ban.
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Resources:
Guardian Eurozone Crisis Live Coverage
My favourite way to stay up to date with the latest events.
Where did all the greek bailout money go?
Well-sourced article explaining it.
How did we get to this point, ffs?
Krugman warning on that one.
What's the FMI's take on Greece's debt?
Mo' Money, Less Problems.
Did the greeks even try to cut their spending?
Yerp.
A comprehensive and extensive primer on the Greek Crisis
By Anyl Kashiap, from the University of Chicago's Booth school of economics. Pretty decent read, tbh.
Also please don't put much stock on twitter coverage. Wait until a decent source like Reuters, Guardian or the AP writes a proper article on whatever news comes up. Otherwise you run the risk of thinking that everybody's a bunch of headless chickens.
Evening summary: Greece gives creditors the big No
A quick recap:
Greece has delivered a dramatic, unexpected and sensational rejection of the terms demanded by its creditors in return for aid, putting itself closer to leaving the euro.
With more than three quarters of votes counted, around 62% of Greeks have voted No, or Oxi – stunning the eurozone, and opening up another chapter in this long crisis.
Finance minister Yanis Varoufakis has praised Greeks for the ‘brave decision’ to reject the bailout package proposed by lenders, calling it a “big yes for democratic Europe’.
And labour minister Panos Skourletis has said Greece now has a very strong card to use to negotiate a better deal.
But the news has already been badly received in Germany. Vice-chancellor and social democratic leader, Sigmar Gabriel has warned it is hard to see how Greece can now negotiate a third bailout.
German chancellor Angela Merkel is to meet with French president Francois Hollande tonight to discuss the situation.
Antonis Samaras, the head of the New Democracy party who campaigned for a Yes vote, has fallen on his sword.
But beyond the euphoria, Greece still faces a desperately difficult situation after a week of capital controls, which left its banks closed and running very short of cash.
The Greek government is expected to meet tonight with its central bank, and the main commercial banks, to discuss the liquidity situation.
The Bank of Greece is expected to ask the European Central Bank for more liquidity; analysts have already predicted this request will be rejected.
One economist has predicted that there is a 75% chance that Greece will now leave the eurozone.
Europe’s financial markets are expected to fall sharply on Monday, with the FTSE 100 tipped to fall by around 2%. The euro has already fallen by 1% in early trading.
The government supported the vote for No, which won in every single electoral zone in the country.
What does this mean for Greece and the EU? We'll see. No one knows exactly how this will play out. Should be an interesting week.
As usual, please try to avoid "lazy greeks, they didn't do nothing!" rethoric. Tends to net people a ban.
-----
Resources:
Guardian Eurozone Crisis Live Coverage
My favourite way to stay up to date with the latest events.
Where did all the greek bailout money go?
Well-sourced article explaining it.
How did we get to this point, ffs?
Krugman warning on that one.
What's the FMI's take on Greece's debt?
Mo' Money, Less Problems.
Did the greeks even try to cut their spending?
Yerp.
A comprehensive and extensive primer on the Greek Crisis
By Anyl Kashiap, from the University of Chicago's Booth school of economics. Pretty decent read, tbh.
Also please don't put much stock on twitter coverage. Wait until a decent source like Reuters, Guardian or the AP writes a proper article on whatever news comes up. Otherwise you run the risk of thinking that everybody's a bunch of headless chickens.