The REFERENDUM for the BAILOUT: Greece Parliament members held an emergency hearing for the proposed referendum, the Government in Athens. Vice Chancellor of Germany said, a referendum on the bailout talks Greece is basically acceptable, but he gave a note that should be obvious to voters about what needs to be decided upon them.
Athens, Greece PRIME MINISTER Alexis Tsipras decided to hold a referendum about whether Greece should accept the demands of the creditors of his country or not, a most dramatic steps in the debt crisis that began five years ago was in the country.
In a television speech off the midnight Saturday (27/6) in Athens, Tsipras announced he did vote on July 5, and denounced the offer "take or reject" the borrower is a violation of the regulations of the European Union and the "common decency." Deputy PM Euclid Tsakalotos said, the Government had no plans to enforce supervision of capital, and banks will remain open this Monday.
Early elections were announced five months after the ruling in the midst of a wave of Tsipras dissatisfaction over a budget reduction of aggravating the recession for six years in the country. A number of party members chaired by Syriza recommends that better experience than the default blamed for their austerity policy, and the Minister of Greece, including the Minister of defence, urged the country's population of 11 million people that voted "No."
"Unfortunately our partners prefer a mengultimatum proposal for the people of Greece," said Tsipras. "I ask the people of Greece who decided about the blackmail ultimatum asking we receive to perform strict austerity and insulting without end and without any prospects," he added.
Market Greece is already spinning with his own. The index of the Athens Stock Exchange (ASE) rose 16% last week, and down 11% in the previous week. Greece companies less 0.1% of the Stoxx Europe 600 Index of European stocks movement in the last weeks.
30-day correlation between Euro Stoxx 50 and ASE reaches 0.7 from nearly 0 in April. Correlation of 1 means the two types of measure are moving hand in hand.
Tsipras refused to submit to all requirements of the lender with accusing them extend the savings that are punishing. While forwarding a risky foreign political grazed danger, has made his country was on the verge of capital controls and potentially exit (exit) of the euro referendum, it also potentially hammer out whether voters want to keep beada in zone of the single currency or not.
Very Rare
The referendum is actually very rare in Greece. In 1974, when the country emerged from military dictatorship, the people of Greece voted against the monarchy and become a Republic.
The decision of the ' no ' in the end can pull the screen up Greece's membership in the euro. Confronted to the rejection of its demands and its other creditors, the European Central Bank (ECB) could feel obliged to trim a reliable emergency relief fund bank-bank of Greece to survive. On the other hand, the decision of the ' yes ' in the referendum would mean defeat for Tsipras and likely will force early elections do.
The majority of the people of Greece prefers to remain in the euro even with deal "bad" that required the lender to better perform the savings, said a poll by Mega TV Greece of 16th June. That poll found that 56% of respondents preferred to remain in the euro compared to 35% who said it would rather experience the default and exit from the single currency it rather then reached an agreement that is detrimental.
"Unfortunately, these decisions are increasingly allowing Greece exit from the euro," said Nicholas Economides, a professor at the Stern School of Business at New York University, through a phone interview.
Since Tsipras speech delivered after the middle of the night in Athens, a lot of people not knowing about Greece's decision to determine the keditur of the proposal directly in their hands. The people soon monitor on their phone to find out the news, or turn on the radio in the car to hear the news of his own.
"This is really a very brave decision," said Yannis who runs a small shop opposite the houses of Parliament. "The European Union is indeed a dictator – they're like banks dictator, and now we have a chance to show them what is on our minds," he said.
Europe was split with the ideology that the euro will be forever in November 2011, when the Chancellor of Germany Angela Merkel and France's President Nicolas Sarkozy time it threatened to kick Greece out of the euro except continue to make budget reductions in public spending required to get help.
Greece claims to be outdone, the power switch from the ruling party, the center-left to center-right party. Financial barriers continue to bring Greece's economy slumped a party of the radical left Syriza Chairman Tsipras towards power.
