There is no way you haven’t heard at least a little bit about the financial crisis going on in Greece in recent years. The current referendum had citizens take the country’s decision regarding further austerity demands and the vote has now come to an end with a historic rejection.
An impressive 61.3% of Greeks voted against the current lending terms, outnumbering the poll-predicted figures. Alexis Tsipras, the Greek Prime Minister, was quick to congratulate voters on their brave decision and ensured them that the “no” vote doesn’t mean the country’s exit from the eurozone. Tsipras, who had publicly backed the rejection of demands, also revealed his intentions of resuming negotiations as soon as possible. He even went as far as to state that the actual debt will now be negotiable, as suggested by the International Monetary Fund’s report. The result of the vote received mixed reactions, as Greece’s international creditors were not quite happy with the decision, while fellow Europeans backed the revolutionary spirit.
The ones in support of the “no” vote didn’t hesitate to celebrate in a big way in Syntagma Square all night long. However, there is no denying that Grexit is now more likely to happen than ever and the country might have to replace the euro with a devalued version of its former drachma. Such thing would leave the government unable to provide funds for anything and it is even implied that Tsipras lied about the rejection making his administration stronger in negotiations. Despite the current wave of uncertainty, the Greek government is confident that they will come to an agreement with lenders and Greece won’t be leaving the eurozone anytime soon.
To no one’s surprise, conservative opposition leader Antonis Samaras resigned after the vote. The actual shock came the next morning in the news of Yanis Varoufakis’ resignation. Greece’s Finance Minister announced his decision on his personal blog, claiming he “was made aware of a certain preference by some European participants, and assorted ‘partners’ for [his] ‘absence’ from its meetings: an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement”. Rumor has it that Tsipras will not only have to replace Varoufakis, but his entire cabinet will be moved around in general.
The results are in and the country’s decision is a crystal clear “no”, so this is hands down the most critical moment for Greece in its entire financial crisis. The question is, what now?