No has it – a simple referendum.
My apologies – as stated, my preference was for a Yes vote and I was not aware that the Greek Government had not re-introduced the constitutional provisions for referendums into law and therefore there is no procedure for a referendum to be held.(1)
It is by a simple majority.
Prime Minister Alexis Tsipras understood that a “No” vote would strengthen his left-wing government’s hand in talks with international creditors who are owed billions of euros.
From my point of view there is a lot of domestic politics riding on this answer. It saves the ruling party for one – and the Greeks have not voted on the specifics – they have voted on their emotions and what they have been through over the past six years.
The referendum was a very blunt instrument the voting public to express their broader hopes for the future.
Now it is up to the EU to either stand fast and refuse a debt write off (economic blackmail) or:-
a. Force the position of the creditors to accept a debt write down or alternatively
b. The European Central Bank take on the Greek debt
Both are unpalatable to the Troika, in particular Merkel – in particular to the Germans in general.
Markets will be very volatile until the situation is resolved by the powers that be.
The problem though is Austria – whereby Greece was voting on whether to accept austerity measures – the Austrians have to vote on whether to stay in the Economic Union or not. (2)
The powers that be must realize that their policies are not designed for one and all – their economic actions of late border on insane and their ‘nationalistic’ goals do not go over well with a lot of people.