Ballot Language of Greek Plebiscite on EU "Deal"

Various ^ | 6/28/2015 | self

[catnipman]

Obtained from various sources:

Greece’s referendum question will apparently read as follows:

“Greek people are hereby asked to decide whether they accept a draft agreement document submitted by the European Commission, the European Central Bank and the International Monetary Fund, at the Eurogroup meeting held on on June 25 and which consists of two documents:

‘‘The first document is called Reforms for the Completion of the Current Program and Beyond and the second document is called Preliminary Debt Sustainability Analysis.

‘‘- Those citizens who reject the institutions’ proposal vote Not Approved / NO

‘‘- Those citizens who accept the institutions’ proposal vote Approved / YES.’’

‘‘People will vote based on whether they want the harsh measures or not, they may not realize that they’re actually voting on whether to stay in the euro,” Erato Spyropoulou said. “I don’t want the harsh measures either. I’m in debt, but I don’t want to leave Europe.”

[catnipman]

Apparently, a "NO" vote in effect rejects an "austerity" deal, which in effect is probably going to result in a halt of EU/ECB/IMF lending to Greece, which results in default to the IMF, which will lead to Greece being kicked out of the EU currency group, which leads to Greece using it's own, revived currency called the Drachma, which would seem to have zero value on the open market, leading to a full blown collapse of the economy (such as it is) in Greece.

A side effect would be that all Greek government bonds, which are naturally denominated in Euros, will become nearly worthless, and a side effect of that is that analysts can no longer look at the EU currency as a single currency risk entity, but will have to look at the individual risk values of Euros loaned by each member country, which means in effect that the Euro is no longer really a single currency.

The other kicker is the "deal" being voted on isn't finalized or even agreed upon by the EU and most likely will be radically altered or even totally off the table permanently by the time the Greek plebiscite is held.

It's a real bitch when you run out of other peoples' money.

[867V309]

It's a real bitch when you run out of other peoples' money.

No good guys in this fight: despicable Greek socialists vs. despicable EU New World Order.

[Cowboy Bob]

Do the Greeks on pension want to take a 10% haircut, or a 100% haircut? That is the real question here.

[L,TOWM]

It’s even more of a bitch when you default on paying your credit cards for a party, and a crapload of other people were counting on you to repay at least the interest on that credit card in order to keep their own parties going.

[freedumb2003]

No good guys in this fight: despicable Greek socialists vs. despicable EU New World Order.

This is the beginning of the end of the EU and the damnable Euro. Next up, Italy, then France.

Greece can look to Venezuela to see how things will be this time next year (if that long).

[867V309]

This is the beginning of the end of the EU and the damnable Euro. Next up, Italy, then France.

Agreed. But, don't forget Spain.

[Ray76]

“European Commission: These are suggestions of institutions” from Greek website translated to English

https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=el&tl=en&u=http://www.ert.gr/wp-content/uploads/2015/06/List-of-prior-actions-version-of-26-June-20-00.pdf&usg=ALkJrhhBy2ISPI3uDCMAkf9pICiFqrjFvw

[Mariner]

If the Drachma is not collateralized, it will have zero value.

There's a lot of islands that could go up for sale.

[Mariner]

Increase all taxes, cut all pension and when they can accessed, reform labor markets (go private)...and increase the cost of food, drugs and energy.

That's a tough pill to swallow but if they don't do it they will be a failed state.

With nothing.