Greeks Vote 'No" on Austerity Plan, Essentially a "No" on the Euorpean Union Itself

Probably more out of a desire to not pay debts than out of any principle but hey, a win's a win.

Despite the scaremongering and bullying from those in Brussels, we are waking today with Greece having delivered a resounding No.

That comes despite EU bosses saying that it would mean a Greek exit from the Euro, not to mention the heavy economic pressure placed on the Greek people to go along with the wishes of Brussels. It is a crushing defeat for those Eurocrats who believe that you can simply bulldoze public opinion.

Chief bully-boy Martin Schulz, President of the European Parliament, and other supposed leaders of the European Union did their best to terrify the Greek people into submitting to the wishes of the European Union. But they utterly failed. The fear espoused by the Yes campaign was rejected. Opinion polls that put the Yes side ahead just days before were way out, as thousands upon thousands of Greek citizens lined the streets chanting “Oxi”.

Where does Greece go from here? Well it seems to me that Alexis Tsipras cannot go on having his cake and eating it. A more prosperous Greece, ran by the Greeks rather than by the EU must surely face up to the reality that a euro exit is both inevitable and desirable in order for a long-term economic recovery to truly begin.

On the other hand, they're also out of money, as in they will literally run dry of paper money.

Greek Prime Minister Alexis Tsipras probably has 48 hours to resolve a standoff with creditors before civil unrest breaks out and ATMs run out of cash, hedge fund Balyasny Asset Management said.

Fund managers are questioning how the International Monetary Fund and Europe's leaders can seal a deal with Athens following the "no" vote in a Greek referendum on Sunday. Sixty-one percent of voters rejected austerity, increasing the likelihood of an exit from the euro area.

...
Bruce Richards, co-founder of U.S. hedge fund Marathon Asset Management, said last week Tsipras will be gone within 30 days regardless of the outcome of the nation's referendum.

A "no" vote would cause "rioting in the streets come weeks from now when the banks are closing and you have drachma," he said in an interview on the television program "Wall Street Week."

posted by Ace at 12:47 PM

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