'No': Greece defies Europe, rejects austerity plan
ERIC REGULY - EUROPEAN BUREAU CHIEF
ATHENS — The Globe and Mail
Published Sunday, Jul. 05, 2015 11:57AM EDT
Last updated Sunday, Jul. 05, 2015 6:36PM EDT
Greeks celebrate in Athens after learning the ‘No’ side had won in a referendum regarding a bailout package from the country’s creditors on July 5, 2015. (Christopher Furlong/Getty Images)
The No vote in the Greek referendum has triumphed, handing prime minister Alexis Tsipras a resounding victory even if it risks pushing his country and its banks closer to a full-blown financial crisis.
The Greek government's official projection is that 61 per cent of voters chose No, a remarkable feat by Mr. Tsipras, leader of the radical left, anti-austerity party. He has apparently been able convince votes that a No vote, which he advocated, would not lead to exodus from the euro zone, even if some representatives of the creditors have said it would.
The No vote, if ultimately confirmed, will rattle the creditors and European Union leaders, who had been urging a Yes vote. German chancellor Angela Merkel was due on Monday to meet French president Francois Hollande to assess the Greek referendum result.
Earlier in the day, Greek finance minister Yanis Varoufakis, who had vowed to resign if the No side failed, told CNBC that Greece would be able to reach a deal with its bailout creditors within 24 hours if the No side were to emerge on top.
But some economists and strategists think a No vote will close more doors than it opens in Brussels, Frankfurt and Berlin and put the ailing Greek banks under enormous pressure. “A No vote, if confirmed, accelerates the drift towards Grexit [Greek exit] ad makes it agonizingly difficult for the European Central Bank to maintain emergency loans to the banks,” Nicholas Spiro, of London’s Spiro Sovereign Strategy, said shortly after the polls closed.
The early poll estimates put the No side 2- to 3-percentage points ahead. By about 9 pm, local time, the No side lead had widened considerably. Mr. Tsipras had campaigned for a No vote, much to the annoyance, even distress, of Greece’s creditors – the European Union, the European Central Bank and the International Monetary Fund.
The polling stations closed at 7 pm local time and the Greek media reported a strong turnout among country’s 9.9-million registered voters.
The No vote, if it sticks, would be especially bad news for the Greek banks, which are running dangerously short of cash. They have been closed since Monday, the day after the European Central Bank refused to boost the volume of emergency loans it had been funnelling into the Greek banks to protect them from a deposit run.
Since then cash withdrawals from ATMs have been limited to €60 a day, putting enormous strain on the economy and day-to-day life as cash was hoarded and grew scarce.
The ECB alone can make or break the Greek bank. A Yes vote – approval for the creditors’ proposal – followed by the relaunch of negotiations with the creditors in Brussels, probably would encourage the ECB to keep delivering fresh emergency loans to the banks. A No vote might have the opposite effect.
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