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'No' Vote Ahead In Greek Referendum

July 05, 2015
by RFE/RL

Early results from Greece's bailout referendum show the 'no' vote leading in the July 5 vote on a bailout proposal from the country's international creditors.

Thousands of government supporters gathered in Athens' central Syntagma Square on the evening of July 5 to celebrate the results, despite warning that failure to reach a deal with the creditors could trigger a Greek exit from the eurozone.

The referendum was called by left-wing Prime Minister Alexis Tsipras, who urged voters to vote against 'fear' and 'terrorism' by rejecting the prescription of European leaders after six years of recession.

As early results emerged showing the 'no' vote ahead, Greece's government said that it was now stepping up efforts to reach a bailout agreement with creditors.

'The initiatives will intensify from this evening onward so that there can be a deal,' government spokesman Gabriel Sakellaridis said on Greek television.

Tsipras and his team insist a 'no' vote will strengthen his hand to negotiate a third bailout with European leaders, despite their warnings to the contrary.

Eurozone policymakers have warned that a 'no' vote would make it difficult for the European Central Bank (ECB) to offer Greek lenders the emergency financial assistance they rely on.

A senior German conservative lawmaker was quoted by Reuters as saying on July 5 that Tsipras had caused a 'disaster and must see how to pick up the pieces.'

'There is no chance that a solution will be achieved within 48 hours,' said Michael Fuchs, who has long had reservations about bailouts for Greece.

A German deputy chancellor was quoted as saying new bailout negotiations are 'difficult to imagine' after a 'no' vote.

According to the head of the Greek Banks' Association, cash is only going to last until July 6. Greek Banks are expected to reopen on July 7, but it's almost impossible to have banks open without a large infusion of cash.

Greek media have reported that the Bank of Greece will ask the ECB for $6.6 billion in emergency assistance.

Meanwhile, some Greek officials point out that a 'no' vote win should not be regarded as an intention by the government to leave the euro.

A 'no' vote would leave Greece in uncharted waters: risking financial and political isolation within the eurozone and a banking collapse if creditors refuse further aid.

But for millions of Greeks, it's an angry message to creditors that Greece can no longer accept repeated rounds of austerity that, in five years, had left one in four without a job.

Tsipras has denounced the price paid for aid as 'blackmail' and a national 'humiliation.'

The outcome of Greece's referendum will be discussed during a July 6 meeting in Paris between French President Francois Hollande and German Chancellor Angela Merkel.

The talks are to focus on Franco-German cooperation in light of the Greek result, German government spokesman Steffen Seibert said.

With reporting by Reuters, AP, dpa, and AFP

Source: http://www.rferl.org/content/greek-referendum-results-debt-ecb/27111094.html

Copyright (c) 2015. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.