The question to be put before Greek voters is ‘whether or not the country is willing to submit to the conditions being demanded by the International Monetary Fund, European Union and European Central Bank.’
Do we all understand this position?
This is not a question on whether Greece wants to remain in the EU, it is whether Greece is prepared to accept continued (and increased) austerity measures in return for further loans.
Simple situation and on the platform that Tsipras and his Party were elected to govern, the other platform was that they remain in the EU.
A simple no vote to the question means that the EU must consider writing off the loan monies advanced to Greece, if not, then one presumes Tsipras will blackmail the EU with a further referendum on whether Greece should stay in the EU.
I can understand the Greeks position, look at this chart and that tells the whole story.
Technically bankrupt for 30 years but now – after successive stupid loans from the EU the debt situation is at ridiculous levels
I have had my ‘dig’ at Yanis (Finance Minister) on prior blogs and suffice to say – on the debt he is correct. One day he will look at his domestic issues.
Tsipras on the other hand is using direct democracy, as first used by the Greeks, to get a mandate on future action by the Greek government. It is risky as the uncertainty allowing deposits flee and deposit controls imposed until the result.
Mind you, this is the first step.
Whilst the EU may be blackmailing Greece to accept further austerity measures, Tsipras will now have the upper hand in all future negotiations – just threaten that second referendum – something that the EU will avoid at all costs.
As of writing this blog, Bloomberg has advised that the ‘German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin that Greece would stay in the euro for the time being if Greek voters reject austerity in a referendum scheduled this week, according to three people present.
Schaeuble also said the European Central Bank would do what’s needed to protect the euro if Greeks voted against the bailout terms in the July 5 referendum, according to the people, all of whom participated in the closed-door meeting on Tuesday. They asked not to be identified, citing the private nature of the discussion.
The German Finance Ministry declined to comment.’
Who would have thought . . .
Keep the beer cold Mike . . .