Greece's governing Syriza party had campaigned for a "No", saying the bailout terms were humiliating.
Over 61% of Greeks voters say NO ~ link ~
I know a number of Greeks, they are good but tough people. I am glad they told the Global Banksters to "go to Hell"! Stirling
Holland and Merkel call for a EU Summit after Greece "NO" vote ~ link ~
The Sunday’s calls were made after 61 percent of the Greeks opposed an austerity package by the country’s international lenders, according to two-thirds of the ballots counted so far.
Syriza: Playing a Double Game on Greece? ~ link ~ Time will tell. Stirling
Greeks Flood Syntagma Square to Celebrate NO Vote - photos and videos ~ link ~ link
Greek Referendum - Live Updates ~ link ~ This is from The Guardian newspaper site in London. Lots of photos. Stirling
Greek "Nuclear Options": Print Euros; Parallel Currency; Nationalize Banks ~ link ~
All of which of course, is meant to suggest that there is no formal way to expel Greece from the Euro and only a slow (or not so slow) economic and financial collapse of Greece is what the Troika and ECB have left as a negotiating card.
However, this cuts both ways, because while Greece and the ECB may be on the verge of a terminal fall out, Greece still has something of great value: a Euro printing press.
It may not get to there: according to Telegraph's Ambrose Evans Pritchard who quotes what appears to be a direct quote to him from Yanis Varoufakis, Greece will, "If necessary... issue parallel liquidity and California-style IOU's, in an electronic form. We should have done it a week ago."
Greece - What You Are NOT Being Told By The MSM ~ link ~ Do take the time to read all of this one at the link! Stirling
Every single mainstream media has the following narrative for the economic crisis in Greece: the government spent too much money and went broke; the generous banks gave them money, but Greece still can’t pay the bills because it mismanaged the money that was given. It sounds quite reasonable, right?
Except that it is a big fat lie … not only about Greece, but about other European countries such as Spain, Portugal, Italy and Ireland who are all experiencing various degrees of austerity. It was also the same big, fat lie that was used by banks and corporations to exploit many Latin American, Asian and African countries for many decades.
Greece did not fail on its own. It was made to fail. In summary, the banks wrecked the Greek government and deliberately pushed it into unsustainable debt so that oligarchs and international corporations can profit from the ensuing chaos and misery.
Today, Greeks sent a resounding message to Brussels, Frankfurt, and Berlin that they are not willing to acquiesce to further humiliation at the hands of creditors and that, even if it means braving the economic abyss in the short-term, the country is determined to salvage a better tomorrow from what, after today's referendum, are the smoldering ashes of Greece's second bailout program.
Now, a stunned sellside — which had, over the past three months, very carefully tweaked their base cases to reflect the growing risk of Grexit — is scrambling to explain to nervous clients what happens next.
Defying Troika: Greek People Chose 'Democracy Over Fear' with their NO Vote on Austerity Fascism ~ link ~
But Tsipras, after casting his vote in the working-class district Kypseli, said the vote was about nothing less than the future of Greece—and Europe.
“Today is a day of celebration, because democracy is a celebration, it is joy,” he told reporters. “And when democracy overcomes fear and extortion, then it becomes a redemption and a way out. The Greek people today send a very strong message. A message of dignity and determination. The message that they hold a choice in their hands. No one can ignore the will of a people to live. To live with determination and take their life in their own hands.”
Marine Le Pen applauds Greek Victory over EU Oligarchy ~ link ~
Ten days ago, before Varoufakis even announced his stunning break of negotiations with the Troika and proceeded to engage in a referendum which perhaps more symbolically than anything else just said a resounding "No" to the status quo, we said to Forget Grexit, "Madame Frexit" Says France Is Next: French Presidential Frontrunner Wants Out Of "Failed" Euro.
Because while the ECB could at least in theory contain the Grexit fallout with a few hundred billion in bond (and stock, since Europe is pretty much fresh out of bonds it can monetize) purchases, it will not be able to halt the contagion once it spreads to Italy, Spain and Portugal. But once it reaches France, and Marine Le Pen engages in the same type of negotiations with the Troika as Greece just did, it's all over.
Greek PM calls Emergency Meeting for Bank Liquidity ~ link ~ Three words to remember: Russia, China, BRICS! Stirling
Congratulations Greece: for the first time you had the chance to tell the Troika, the unelected eurocrats, and the entire status quo establishment, not to mention all the banks, how you really felt and based on the most recent results, some 61% of you told it to go fuck itself.
Now comes the hard part.
Because at this point, with Greek banks all of them effectively insolvent, it is all up to the ECB: should Mario Draghi now announce an increase in the ELA haircut or pull it altogether as the ECB did with Cyprus, then a Greek deposit haircut bloodbath ensues. And judging by the latest news out of Market News, this is precisely what Tsipras is focusing on.
Greek Referendum: NO - Here's what it means ~ link ~
There are no provisions in Greek or European law for a country to leave the Eurozone, and consequently there is no formal publicly known procedure for doing it. But Joseph Gagnon, a monetary and currency expert at the Peterson Institute for International Economics, has laid out the steps that would be necessary.
Eurogroup In Shock ~ link ~
Just out from Reuters:
- FINANCE MINISTERS "WOULD NOT KNOW WHAT TO DISCUSS" AFTER EMERGING GREEK 'NO' VOTE-EURO ZONE OFFICIAL
The 'Big Lie' of the Eurocrats ~ link ~