Greek Referendum Polls Close: "No" Seen Ahead By Most With Over 51% Of The Vote

Zero hedge ^ | 07.05.15

[Perdogg]

At 7pm local time the Referendum polls closed. Here is what the early exit polls predict:

A poll by GPO on Mega TV gave 51.5% in favor of “no” and 48.5% in for “yes” Metron Analysis on Antenna TV showed “no” leading with 49% vs 46% for “yes” MRB on Star TV showed “no” leading with 49%-54% vs 46%-51% for “yes” Marc opinion poll for Alpha TV shows “no” ahead with 49.5%-54.5% vs 45.5%-50.5%

[tflabo]

Voting either Yes or No is a lose/lose scenario for Greece and also for the EU (but to a lesser extent)

[Lonesome in Massachussets]

Anyone know what a “yes” vote means, as opposed to a “no” vote?

The answer to your question, as can be seen from the various replies, is "No, no one knows what a 'yes' vote means, as opposed to a 'no' vote?"

The referendum has no real legal force, it is merely a show of national sentiment. The Greeks are hosed either way. They appear to have chosen to have burned down the house rather than submit to an orderly bankruptcy. Whether or not they acknowledge it, they do have a lot to lose.

[RIghtwardHo]

I realize that is a quick analysis of it all but I tend to agree.

You pay your debts and live within your means, but I say to Hell with loan sharks and I see only an upside with destabilizing the EU.

[tumblindice]

But I don’t think the austerity measures offer is still on the table, so this is just a symbolic vote.
So it’s basically just the Greeks thumbing their noses at the EU or saying, “Can’t we talk?”.

[immadashell]

Now it is necessary for the rest of the world to turn their backs on Greece. They will have run out of other people's money . The only source of money for the government will be bank deposits, pension balances and whatever stash of precious metals may be hidden under their citizen's mattresses. After all these years they are going to have to spend their own money. Oh, the horrors!

[citizen]

I see this as win win/win. The EU is weakened, Greece will be forced to stand on it’s own and the enablers of all of it get screwed.

Yes.
Brussels has no one to blame but themselves for accepting Greece into their Euro club when they knew full well that Greece would not be able to function as a Euro country.
Greece continuing to borrow money they can't repay to pay previous borrowings is foolish.

[KarlInOhio]

Looks like all of that 11 billion dollars is by domestic banks. If they were stupid enough to lend it to the Greeks they deserve to lose it. And that’s doubly true considering that the only way that Greece was able to get onto the euro was because Goldman Sachs cooked, broiled, smoked, poached, parboiled and deep fried Greece’s books to make them look almost close enough to meeting the EU’s economic requirements if it was dark and you didn’t look to closely.

[RKBA Democrat]

We’ll know preliminary results at about 2:00 pm ET.

Don’ walk under windows in any European financial district tomorrow.

[Veto!]

So is the EU going to try to get any money back?

Get discounts on olive oil?

[L,TOWM]

An 11.3 write down? The banks holding that sewage have as much in fluctuation on their Treasury portfolio on a daily basis...

A non-event for US Markets.

[Jim Noble]

Greece continuing to borrow money they can't repay to pay previous borrowings is foolish

But that's the whole premise of our current financial system.

If you can't book unsustainable debt as an asset, then every money creator, including the Fed, is insolvent.

[spacejunkie2001]

...and what happens in either scenario? wipe the dust off the ol’ crystal ball and extrapolate :)

[canuck_conservative]

Just like years ago people said IBM was finished? Let’s not be so hasty.

I’m not giving up on the US just yet, it still has some people with real money and real smarts, which puts it ahead of about 95% of the rest of the world.

[tflabo]

Let Greece sign up for a Dave Ramsey ‘Financial Peace’ course. Couldn’t hurt right?
What’s the Greek food equivalent of beans and rice? Hummus and chick peas?

[spokeshave]

Goldman Sachs cooked, broiled, smoked, poached, parboiled and deep fried Greece’s books to make them look almost close enough to meeting the EU’s economic requirements if it was dark and you didn’t look to closely

The Italians invented double book entry accounting system

With the advent of computers, the Greeks went one better and invented triple book keeping:

First set of accounts is the true story for the business owner

Second set of accounts to show to spouse with "funny money" for mistress and gambling hidden

Third set of accounts for the tax man ....showing a loss (after the tax mans bribe is paid)

[masadaman]

"If the vote is no....Greece is a failed nation or it will go under the Russian Federation control!!!"

Why the 'or'? At Yalta when Stalin did a head fake on FDR and Churchill to take control of most of Eastern Europe including independent nations recently re-established post WWI, he graciously deigned to have Greece remain out of the Soviet orbit. Greek being Orthodox, old Joe figured that using the Church would eventually bring Greece his way.

Greece provides Putin with a wet dream of access to the Mediterranean yielding safe and modern port facilities for his navy. Guess this is more important to Merkle than the other EU leadership who will cave if she is detoured or stopped for some reason.

[JLAGRAYFOX]

Neither am I....but....Obama, Clinton and the entire Democrat Party must be soundly defeated in 2016, if the USA is to survive as the world leader!!!

[tflabo]

‘You never give me your money...you only give me your funny paper...and in the middle of investigations..you break down’...boy.. Your gonna carry that weight, carry that weight a long time’..-—Beatles lyrics

[citizen]

To my mind, the Goldman Sachs of the world are the continuing authors of most of everyone’s financial woes.
“Beware the money changers.”

[Maine Mariner]

which is what Stalin wanted immediately after WWII.