It's a big
fat Greek no. No to more austerity, no to a bailout deal, and -- quite possibly
-- no to the euro.
The vote could lead to the country's exit
from the eurozone within weeks. That's because Greece needs more money from
Europe to stay afloat.
The result marks a victory for Greek Prime
Minister Alexis Tsipras, who urged his country to vote "no." He
believes that will strengthen his hand in talks with creditors. He wants to
negotiate a bigger bailout with less painful terms, and a chunk of debt
canceled.
But European leaders have said ahead of the
referendum that any new bailout would come with strict conditions attached --
something the Greek voters overwhelmingly rejected on Sunday.
German leader Angela Merkel will meet with
French President Francois Hollande on Monday night, and the European Central
Bank bosses are also set to discuss the crisis.
If Greece can't get more bailout money from
Europe soon, it will have to pay pensioners and public sector workers with
IOUs. The country cannot borrow money from the international markets, because
of very high interest rates.
Greek banks, already closed for a week, were
supposed to reopen on Tuesday but will have to stay shut or get new funding
from somewhere. They depend on emergency cash funding from the European Central
Bank. That funding lifeline has already been capped in the past week and might
now be severed.
Greece could be the first country to be
forced out of the eurozone, the bloc of 19 European nations that have given up
their currencies and use the euro instead.
It is even less clear what would happen to
Greece's membership in the European Union, the broader political union of 28
European nations that sets common policies on trade and other issues.
The rapidly moving events in Greece have
split legal experts. There is no precedent for what is happening in Athens, and
the European treaties do not have any provisions for a country leaving the
bloc.
Πηγή:
money.cnn.com
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