Greece Votes in Referendum with Future in Euro in Doubt

Saturday, July 4, 2015 | Tag Cloud Tags: , , ,

(Worthy News)– Greeks voted on Sunday whether to accept or reject the tough terms of an aid offer to stave off financial collapse, in a referendum that may determine their future in Europe’s common currency, Reuters reported.

Held against a backdrop of default, shuttered banks and threats of financial apocalypse, the vote was too close to call and looked certain to herald yet more turbulence whichever way it went.

The country of 11 million people is deeply divided over whether to accept an offer by international creditors that left-wing Prime Minister Alexis Tsipras, elected in January on a promise to end years of crippling austerity, calls a “humiliation”. –Source

EU: Greek voters set to usher in economic apocalypse

Greek voters will head to the polls Sunday to make a pivotal decision on whether to accept new austerity measures in exchange for more debt relief.

The stakes are high for Greece as a no-vote could send the country into more turmoil, European officials warn. A no vote would usher in an economic apocalypse implied the president of the European Parliament, Martin Schulz.

“Without new money, salaries won’t be paid, the health system will stop functioning, the power network and public transport will break down, and they won’t be able to import vital goods because nobody can pay,” Schulz told the Daily Telegraph Saturday. Greece’s medical system could collapse, experience power blackouts and other dire consequences, Schultz said in an attempt to get Greek voters to agree to the new measures. —Source

Greek banks preparing possible “bail-in” of depositors

Greek banks are preparing contingency plans for a possible “haircut” on deposits amid fears of financial collapse, the Financial Times reported on Friday, ahead of a referendum that may decide the country’s future in the euro zone.

But citing bankers and businesspeople with knowledge of the measures, the Financial Times reported: “The plans, which call for a ‘haircut’ of at least 30 percent on deposits above 8,000 euros, sketch out an increasingly likely scenario for at least one bank”.–Source

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