Greece Crisis: Yes-No Vote in Greece

Opposition groups made camps in Greece are all set to organize massive rallies in Athens in front of Sunday’s essential referendum on an international bailout terms. Leader Alexis Tsipras is required to be at one rally to support the “No” vote, opposing the terms. EU leaders have cautioned that a “No” vote could see Greece leave the euro zone. Euro zone’s leaders wants a “Yes” vote so that Greece will be compelled to change some points in constitutions and can implement the advises of IMF (International Monetary Fund).

greece crisis

Economic Hung in Greece | “YES” or “NO” Vote

Greece’s economy is as of now being squeezed after the nation lost access to fresh funds. Banks have been shut and limits imposed on cash withdrawals. Central Bank of Europe has shut down the flow of fresh funds to Greece and it will be imposed till Greece changes the points and take some positive steps towards hiking VATs and taxes to increase revenue. Greece has been in stop with its creditors for a considerable length of time however just called the referendum last week.

There has been no campaigning as such reports from Athens – just a couple of days with few chaos as supporters and opponents of the administering Syriza gathering have jostled for position. Both sides are currently dashing to achieve voters before time runs out, with “Yes” and “No” posters competing for space.

What we can expect? Survey Says-

A survey published in Ethnos newspaper on Friday showed the two sides equally split, with the “Yes” vote at 44.8% and the “No” vote at 43.4%. However, the same survey showed 74% for staying in the euro, with just 15% choosing an arrival to a national coin. Despite the campaigning, nonetheless, there is still a risk the referendum may be suspended. Greece’s top court, the Council of State, is because of guideline on the legitimateness of Sunday’s vote and whether it breaches the constitution.

Human rights body the Council of Europe has effectively said the referendum would miss the mark concerning international standards if held as arranged, referring to the short notice given to voters and the absence of clarity in the question to be put to voters.

There have as of now been protests lately, including a demonstration by some 6,000 Greek Communist Party supporters approaching voters to cast invalid ballots. Mr Tsipras has said that a strong “No” vote will help lead to a “Better agreement” with creditors.

On the off chance that the “Yes” vote wins the banks will open with an arrangement, which won’t be suitable, however in the event that that is the decision of the Greek individuals, either from apprehension or from pressure, or decision, we will respect it– he said.

[quote_box_center]”On the off chance that the No vote wins, and the No is stronger, I assure you, the precise following day I will be in Brussels and an arrangement will be signed”[/quote_box_center]

However, EU leaders have cautioned that a No vote on Sunday may see Greece leave the euro zone, something Mr. Tsipras says he does not have any desire to happen. His opponents in Greece have said they accept he is committing an error.

In a speech endorsing the “Yes” battle on Thursday, previous Greek Prime Minister Costas Karamanlis said the world would consider a No vote to be a withdrawal from the heart of Europe, the first step toward euro exit. Several European officials have grumbled in strong terms about Greece’s unexpected decision to hold a referendum on the terms of a bailout offer that they say is no more on the table.

However, Greek Finance Minister Yanis Varoufakis told presses he was sure that an arrangement would be come to shortly after the referendum, permitting banks to revive on Tuesday. Some bank branches have revived to permit pensioners an irregular week after week withdrawal of up to €120, resulting in long queues. Withdrawals from cash machines are capped at €60 a day.

The Syriza government was chosen on an important to austerity stage. Mr Varoufakis described the system offered by creditors as “a travesty, a satire of errors“.

The European Commission, the European Union’s executive arm – one of the “troika” of creditors alongside the International Monetary Fund and the European Central Bank – wants Athens to raise taxes and slash welfare spending to meet its obligation obligations. The IMF on Thursday said that Greece would require €50bn ($55bn) over the course of the following three years to stabilize its finances under the existing, disputed bailout plans.

The IMF came to its latest conclusions before talks in the middle of Greece and its creditors collapsed last weekend when the administration called the referendum. On Tuesday, the previous eurozone bailout terminated, denying Greece of access to billions of euros in funds, and Athens missed a €1.5bn reimbursement to IMF (International Monetary Fund).


What Next?

Related Articles

Leave a Reply

Submit Comment