Greek Referendum on IMF/Troika deal

[jeron]

Good for the Greek people. If the austericrats refuse to heed this message, they will have to bear the responsibility of kicking Greece out.

Greek people have freely and without interference voted to get out of the euro. Their voice should be heard.

No, the Greeks have said that they will not bend to any conditions to stay in the Euro. They will be out if they are forced to by the draconian and absurd conditions imposed by Lagarde and Schaeuble.

No, they will be out and when all Greek banks default because they have run out of money and the Greeks have no other option than to return to the Drachme. And this will happen sooner than later because the ECB will not bail them out this time.

[Zanas]

Ah, sore losers trolling... This is tasty. (speaking mainly about ag)

But I agree. Greece should indeed get out of the Euro, possibly the EU. Then progressively implement a socialized economy for the benefit of all.

[Helsinkian]

Is Tsipras still demanding Germany to pay war reparations? I wonder, if Germany were to hold a referendum on the issue, where the Germans would vote "no", would he then stop demanding them?

[ag]

Ah, sore losers trolling... This is tasty. (speaking mainly about ag)

But I agree. Greece should indeed get out of the Euro, possibly the EU. T

I am, actually, quite happy that any pretense is gone. Greece is out, the rest of Europe can concentrate on humanitarian action. A lot of compassion will be needed.

Hopefully, the Greek borders will not be closed, so that Greek citizens, having abandoned the euro, will have a chance to earn it in Germany.

[ag]

Then progressively implement a socialized economy for the benefit of all.

Well, THAT is cruelty. Greeks do not deserve the mass murder you are proposing.

[RogueBeaver]

German exporters association: Can't see how Greece remains in Euro. Savings bank association says there should be Grexit.

[ag]

German exporters association: Can't see how Greece remains in Euro. Savings bank association says there should be Grexit.

Happy to see so much agreement between the Greeks and the Germans. I just hope the Germans will donate humanitarian aid: or else, children will be starving.

[jaichind]

One thing that is interesting about the results so far is what Syriza had indicated earlier today that a high  turnout in Athens means that No will win.  But looking at the results it seems that Athens under-performed in terms of No.  Makes sense.  Yes, Syriza is strong in Athens, but so is ND.

[Donnie]

Congrats to the big, independent and proud nation of Greece !

[RogueBeaver]

Sky: Tsipras has spoken to Hollande. Italy wants to resume negotiations. Germans unhappy. Merkel will be meeting Hollande in Paris tomorrow night.

[jaichind]

Eurogroup Chairman Jeroen Dijsselbloem writes in a letter to members of the Dutch Labor Party.  He seems to have given up.  Main points are

1) “Although the Greek government makes us want to believe otherwise, the referendum is about the question whether Greece stays in the euro zone or not.”

2) “Although we know now that Greece never met the entry criteria for the euro zone, a departure will have dramatic consequences for ordinary Greeks”

3) “Greece will only recover when deep-seated problems are addressed. I truly hope that honest politicians will step forward that are prepared to take."

[Boston Bread]

Looks like the anti-system forces have been underestimated just as they had in the parliamentary election (GD, ANEL, SYRIZA)

[jaichind]

Russia's deputy economy minister Likhachev said that this is "a step towards an exit from the eurozone" and "Greece's eventual exit from the eurozone will be a kind of shock therapy for the European Union, not in a catastrophic manner."

[RogueBeaver]

Gabriel: Very difficult to see negotiations resuming.

[jaichind]

German SPD vice-Chancellor Sigmar Gabriel indicates Tsipras has “torn down the last bridges across which Europe and Greece could have moved toward a compromise” “By rejecting the rules of the game of the euro area, as expressed in the majority ‘No’ vote, negotiations on a multi-billion program are difficult to imagine”

German CSU Michelbach calls for ECB to unwind ELA and ask for its money back from Greek Central Bank.

The Germans are very angry. 

[jaichind]

The Greek banks owe ECB 89 billion EUR from ELA.  ECB can just punt on this while "talks" take place between EU and Greece. The next real deadline is July 20th when Greek government has to redeem 3.5 billion EUR  worth of bonds held by the ECB. A missed payment to the ECB may be the tipping point for the banking system. The eurogroup may present Tsipras with an ultimatum: immediately sign a preliminary agreement, in order to reopen the banks, or let the banking system fail.  Perhaps  Tsipras  can call a referendum on that ultimatum ?

[ag]

Congrats to the big, independent and proud nation of Greece !

Guatemala is bigger, more independent and, at least, equally proud. Perhaps, with Greece gone, somebody would care for Guatemala.

[Donnie]

Congrats to the big, independent and proud nation of Greece !

Guatemala is bigger, more independent and, at least, equally proud. Perhaps, with Greece gone, somebody would care for Guatemala.

hopefully.

[Clarko95 📚💰📈]

Since Greek banks have a large presence in the rest of the Balkans, and Greek companies invest a lot in other Balkan countries, what effect would/could a Grexit have on the rest of the Balkans? Could we see a domino-effect, partial or widespread?

[Diouf]

Slovenian newspaper:

[© tweed]

German SPD vice-Chancellor Sigmar Gabriel indicates Tsipras has “torn down the last bridges across which Europe and Greece could have moved toward a compromise” ...“By rejecting the rules of the game of the euro area, as expressed in the majority ‘No’ vote

The Germans are very angry. 

if there were any doubt left that the Eurozone is an antidemocratic project..

[Senator Cris]

Do you know what's the truth?
Greece refused a deal that was more acceptable of what the Italy and other countries suffered in 2011.
In Italy, people leave work at 67 years. In Greece, it's 57 years.
Tsipras, the left hero, refused cut the defense only because of ANEL, a right-wing party.

Honestly, I doesn't want that my country give money to a country that refused an acceptable deal. And I'm sure Chancellor Merkel agrees with me.

[RogueBeaver]

Merkel, Hollande calling for a Euro leaders summit.

[jaichind]

Since Greek banks have a large presence in the rest of the Balkans, and Greek companies invest a lot in other Balkan countries, what effect would/could a Grexit have on the rest of the Balkans? Could we see a domino-effect, partial or widespread?

I think Greek-owned banks make up a about 15%-20% of various Balkan countries. Bulgaria is especially exposed.  I think the central banks of each one of these Balkan countries already took steps to shield these banks from fallout of a complete meltdown of Greek banks in Greece.  I think Macedonia would be the worst hit as the Greek-owned backs there are in the worst shape.
 

[RogueBeaver]

Emergency Eurozone leadership meeting Tuesday.