Europe held her breath. In Greece it started on Sunday morning referendum in which voters statements on foreign aid for Athens, having to save the country from bankruptcy. The Greek authorities are calling for a vote against the terms of the creditors.
If voters say “yes”, it could open the way for negotiations on a new aid scheme. In the opinion of economists conditions of this assistance will now be even sharper than before. In the night from Tuesday to Wednesday because Greece failed to repay part of the debt to the International Monetary Fund in the amount of 1.55 billion euros and became the first in the history of a country with a developed economy, which is in arrears with repayment to the Fund, which in practice is considered to be insolvent.
On the other hand vote “no” will mean the rejection accept help from foreign creditors – the European Commission, the European Central Bank and the IMF. Prime Minister Alexis Cipras, which offer lenders called a “humiliating”, he urged Greeks to chose a negative response. Authorities in Athens say that voting ‘no’ will strengthen the negotiating position of Greece, although representatives of the European Union in accordance observe that the opposite will be true.
The first step to leave?
Investors and European leaders They estimate that the rejection of the scheme will refer Greece to the road towards the exit from the euro zone. On Monday should expect violent reaction of stock markets and high turbulence on exchange rates. The most vulnerable to thump the euro, and it certainly will feel too golden.
In contrast, the Greek authorities argue that the rejection of the conditions of the lenders in the referendum will not mean resignation of the single currency.
Athens was a drip euro-area financial and the IMF since 2010. They received nearly 240 billion euros of two aid programs. International support has enabled the Greek state debt service and fulfillment of internal commitments, but society incurred huge costs imposed by creditors of cuts and reforms.
Surveys show that supporters of approving the conditions of foreign creditors is slightly more than the opponents. According to the Ipsos survey published on Friday, 44 percent. Greeks are going to vote for the agreement, and 43 per cent. against; 12 percent. It was undecided. Media paid attention that the number of supporters grew after entering the program, almost a week ago, controls on capital movements and with the approach of the referendum.
weigh the fate of the government
Sunday’s vote may also decide the fate of government Syrizy populist. If the Greeks will vote “yes”, they are expected resignations of the Minister of Finance and Prime Minister Janis Warufakisa Ciprasa. This will open a new chapter of political uncertainty when the parties will try to build a government of national unity to maintain talks with creditors until the awarding of the election.
Polling stations are open from 7-19 hours local time (hr. 6-18 in Poland). The first results are expected an hour or two after the closing.
PAP
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