Greece enters uncharted territory after referendum 'no' vote

Associated Press ^ | July 5, 2015 | ELENA BECATOROS and DEMETRIS NELLAS

[familyop]

ATHENS, Greece (AP) -- Greece lurched into uncharted territory and an uncertain future in Europe's common currency Sunday after voters overwhelmingly rejected demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt economy. Results showed 61 percent voted "no," compared with 38 percent for "yes," with 93 percent of the vote counted. The referendum - Greece's first in more than four decades - came amid severe restrictions on financial transactions in the country, imposed last week to stem a bank run that accelerated after the vote was called.

[PGalt]

July 5, 2015 Greek Independence Day. CONGRATULATIONS!

[relictele]

They remind me of Obama voters...full of high-octane stupidity but happy to mug for the cameras convinced they are doing something worthwhile and conflating being a deadbeat with nationalism.

[relictele]

Other people’s money etc.......

[Krosan]

Greek guy borrowed money and bought a limousine. When it came time for payment he declared he does not have any money and won’t pay. He then demanded that the bank must give him money for gas and recreational expenses as he had a family vote and his family democratically decided that. Noting of course that their democracy is 3000 years old.

[expat2]

How well did you get through that war — was it hard?

[Steve_Seattle]

Just wondering - how do you get a 61-38 result when recent polls showed the vote to be “too close to call”?

[america-rules]

There was an intervew yesterday this 53 year old Greek guy who was retired in France was getting free food, free rent, free health care and 1800 euros all from the Greek Gov’t while retired in France. He said he was voting YES on the bailout.

[TChad]

Athens supermarket, this weekend.

[ArcadeQuarters]

Looks like their polls (or voting system?) are as crappy as ours. Remember this from 2 days ago?

The opinion poll by the respected ALCO institute, published in the Ethnos newspaper on Friday, put the "Yes"camp on 44.8% against 43.4% for the No" vote.

They could have rolled dice to get idea of the outcome.

[familyop]

Yes. It appears that their surveys were skewed to show a tossup and encourage those who might want to go along with the requirements of eurozone creditors.

[familyop]

Looks dire for sure. Maybe they need aid in the form of a few shipments of goats, sheep and garden seeds.

[riri]

I heard a piece of info yesterday that after the crisis, after the Finance Minister was arrested they looked at the "secret documents: and saw the Icelanders only, personally, owed 7% of that debt. The rest was signed onto by the gov't in the form of derivatives that the UK had created and that Icelandic officials agreed to back/bail out. The Icelanders paid the 7%, cut taxes and their economy actually started to grow.

These private mega banks with their counter part the IMF and World Bank are cancers. They fund and influence elections to continue to behavior of the debts to them. Then the people are beholden to the governing class and themselves. They force them to go along with the taxes and regulations which only cause more debt and less economic improvement.

Sure, the people hold much of the responsibility. They take the bait, again and again.

[familyop]

I had only read that some UK bankers were rejected by Icelanders. Thank you for the important piece to the puzzle.