Greece to hold an imminent referendum on bailout deal
http://www.telegraph.co.uk/finance/e...th-Europe.html
Greece to hold referendum on bailout deal with Europe
Prime Minister Alexis Tsipras will ask the Greek people whether they ultimately want to stay in the euro
Quote:
Originally Posted by Daily Telegraph
Greek prime minister Alexis Tsipras has called a referendum on the country's bailout deal with its European creditors.
The vote, which will take place on July 5, and will ask Greece's citizens whether they want to accept tough measures put forward by the International Monetary Fund, European Union and European Central Bank.
A "no" vote would see Greece default on its debts and force the country out of the euro.
Mr Tsipras said the move was "for us, for future generations, for the history of the Greeks, for the sovereignty and dignity of our people".
He will address the Greek parliament on Saturday to gain approval for the referendum.
It came as Greece rejected a €15bn rescue plan on Friday, lashing out at attempts to blackmail the country into submission.
Greece's fate is due to be decided at a last-ditch meeting of eurozone finance ministers in Brussels on Saturday, as differences over tax rises and spending cuts continue to hold back an eleventh hour agreement.
The meeting has been billed as the last possible opportunity for Greece to cede to creditor demands and stave off a default.
In the absence of a deal, creditors are planning for a series of emergency default scenarios, as the banking system would likely face ruin. Capital controls in the form of enforced bank holidays and deposit withdrawal limits could come as early as Monday, according to analysts at Credit Suisse.
Oh please be the final end of this ridiculous saga that has dragged on and on. We all know Greece is going to default and leave.
If I were a Greek and had the chance to vote in this referendum, it'd be a No vote. Short term pain for long term gain and escape from the Euro. On the other hand, I would also want the heads - literally - of the EU and Greek politicians who'd dragged them into this mess which is why I personally suspect there will be some kind of revolution of military government in Greece over the course of the next year.
Thoughts?
