- It’s reported that 61.3% of the Referendum voters in Greece have rejected an international bailout, plunging the country into the unknown.
- Greece had been locked in negotiations with its creditors for months when it called a referendum to vote on the “humiliating” terms it was being offered.
- It’s reported that the turnout at the Referendum was 62.5%.
- In a televised address, Greek Prime Minister Alex Tsipras said Greece had voted for “Europe of solidarity and democracy” and that it will return to the negotiating table to “restore the banking system and social stability”.
- Just last week, Greece missed a payment of €1.6bn to the IMF.
- Commentators speculate that Greece’s action could trigger “Grexit” (Greece’s exit from the Eurozone).
- It’s reported that Greece’s banks are running critically low and will need the European Central Bank to expand the emergency liquidity that has thus far kept the Greek banking system from collapsing.
- Banks have been shut all week due to capital controls, with limits on withdrawals at ATMs set at €60 per day.
- What comes next? Well, German and French leaders have called for EuroSummit for this Tuesday. Watch this space…