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International News Title: In rebuke to EU, Greece appears to decisively reject bailout terms The vote, on a proposed bailout deal from Athens international lenders, was a strong rebuke to European Union leaders who had warned that the plebiscite was, in effect, a vote on whether Greece wanted to keep on using the euro as its currency. With 57% of precincts reporting at 10:15 p.m. local time (12:15 p.m. PDT), the no camp was ahead by 61% to 39%, according to the Greek Ministry of Interior. As the scale of the no victory becomes clear, the question immediately shifts to whether, and how quickly, Greeces European partners are prepared to resume negotiations with Athens. Relations between the two sides have deteriorated badly over the last few weeks, especially after Greek Prime Minister Alexis Tsipras broke off talks at the end of June and called Sundays snap poll on bailout proposals that have technically since expired. Perhaps even more pressing will be the reaction of the European Central Bank, which has been propping up the Greek banking system for months with emergency funding. If the ECB decides at a meeting Monday to end that support, Greeces banks will quickly run out of cash, business will grind to a halt and basic supplies could start to dwindle on store shelves. The Greek government is also nearly out of cash. If it cannot pay its debts a major repayment is due July 20 Athens could be forced to introduce a parallel currency and eventually leave the Eurozone. However, analysts said this was not an immediate threat. The leaders of Germany and France are to meet in Paris on Monday evening to discuss the crisis. Both had warned Greeks before the referendum that the poll was, in effect, a vote on whether Greece wanted to remain in the Eurozone. The size of the projected victory for the no campaign came as something of a surprise after a flurry of opinion polls showed an almost dead heat. A number of voters were undecided, however, and could have made the difference. Surveys showed that young people voted no in droves. Many said they agreed with Tsipras contention that the bailout proposals from Greeces lenders imposed too much austerity after five years of already heavy spending cuts. The Greek economy has contracted by a breathtaking 25% since Athens began accepting emergency aid and implementing austerity measures since 2010. These measures would worsen the situation, said teacher Paula Andriotaki, 33. But Eurozone leaders have scoffed at that idea and said that a new agreement could be even more difficult now that Greece's financial situation has worsened further. Yes supporters urged Greeks to join them in order to guarantee Greeces continued place among the 19 nations that use the euro. They said that membership in the wider European Union could also be at risk and that Greece cannot afford to be isolated. The ballot itself was the subject of some criticism, because the question it asks is wordy and couched in jargon. Moreover, the bailout deal it referred to was already technically moot. The offer from Greeces creditors expired Tuesday night, after talks between them and Athens collapsed last week over Tsipras surprise decision to call the referendum. Creditors say that negotiations on a new agreement would have to start from scratch. Because of the convoluted ballot question, and the competing claims of whether the real issue at stake is the future of Greece as a member of the Eurozone, many Greeks complained of confusion over just what was being asked of them. Maria Liapi, who helped campaign for the no side, said she wanted to reject a bailout agreement that would bring more hardship to Greece, whose economy has already contracted by more than 25% since the country first began accepting rescue loans in 2010 and implementing harsh austerity cuts in return. But Loukia Mitsi, 40, an unemployed teacher and mother of three, said she would vote yes because Greece needed to stick with the euro and not be forced to revert to its old currency, the drachma. My life got better with the euro, Mitsi said. I want a European solution that is good for Greece. I want a better future, and we wont have that if we go to the drachma. About 10 million voters were eligible to cast ballots in Sunday's referendum, Greeces first in 41 years. In 1974, the people were asked to decide whether their country should retain the monarchy; the answer then was also no. Special correspondent Pavlos Zafiropoulos contributed to this report. Post Comment Private Reply Ignore Thread Top Page Up Full Thread Page Down Bottom/Latest Begin Trace Mode for Comment # 8.
#1. To: buckeroo, All (#0)
This is happening at the same exact time as the Greek government asked theEU for more money. What balls, eh? FU but give me more money that we will not pay back.
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