News Greece votes 'no' to creditors' terms

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Greece has already had 5 years of austerity policies that have done nothing to decrease the debt. It should have been clear that Greece wouldn't be able to repay everything they owed, but the creditors didn't want to accept such terms. Hence, the plebiscite which has now ended with an overwhelming 'no' to the creditors' impossible terms.
For the broader eurozone, by contrast, forcing Greece out will produce no upside. Instead of a negotiated debt settlement, official creditors could lose everything. A slow-burn fuse would be lit under the whole single-currency project, as markets speculate on where may be next. And now that the respectable course of EU-backed orthodoxy has failed at the ballot box, there is also a risk of political contagion, with untold consequences for the more fundamental and more precious project of kinship across the continent.
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More: The Guardian view on Greece’s no vote: eight days that shook a continent | Editorial | Comment is free | The Guardian (5. July 2015)
 
the proposal was probably the equivalent of lending money to a third world farmer on condition that he cut down on what he ate, until he was only eating one slice of bread a day.
 
I was watching a financial expert talk about Greece and she was saying that one of the main problems will be if Spain and Italy decide to follow suit.

shyvas said:
I'm not sure that many of the working/middle class population have much money left.:rolleyes:
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Haha, true, but I bet the richer Greeks realised this was coming and moved their money somewhere safer before it got to this point.
 
Blobbenstein said:
the proposal was probably the equivalent of lending money to a third world farmer on condition that he cut down on what he ate, until he was only eating one slice of bread a day.
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Something along those lines, I'm sure.

I'm curious what the ripple effect and ultimate outcome will be from this, especially for the wider EU project, increasing support for anti-EU political parties, the looming referendum here in the UK, possible referendums in other EU countries, and so on.
 
The international groups want Greece to continue austerity programs that are hurting their people for a very long time to come, while Greece's government wants to move away from that? Is that basically what this is about?
 
Neoliberalism apparently, non of that cooperation that we evolved to practice, but survival of the fittest, as practices by the dinosaurs.
 
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There wasn't going to be a good outcome for Greece (as far as I could see) but I cannot believe how ridiculous this whole thing has been and now Greece is facing even more austerity. I would be seriously annoyed if I was Greek.:sf:
 
Moll Flanders said:
There wasn't going to be a good outcome for Greece (as far as I could see) but I cannot believe how ridiculous this whole thing has been and now Greece is facing even more austerity. I would be seriously annoyed if I was Greek.:sf:
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I would be furious if I were a Greek. This sort of thing paves the way to political power for less palatable groups. Austerity means a lot of unhappy and sometimes desperate people.

Anyway, the deal has yet to be ratified by the Greek parliament.
 
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