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Greek Bailout Referendum: ‘No’ vote confirmed, Euro falls, stock market to fall steeply

Update: Majority of Greece (over 61 percent) voted ‘No’ to the Greek bailout referendum, and hence decided to vote against creditors. The reactions are pouring in, starting from the fall of the Euro against the US Dollar. The Euro fell over 1.5 percent to approx. 1.09 on the possibility of ‘No’ vote.greece-economic-reform

On Sunday evening, JPMorgan’s Malcolm Barr told clients, “Although the situation is fluid, at this point Greek exit from the euro appears more likely than not.” Wolfgang Schaeuble, the finance minister of Germany, said, leading the Greek people down the path of hopelessness.” Hence, the happy ending for some, and sad ending for some. Greece’s exit from Euro is almost confirmed.

Earlier News: Everyone is having a close look at the bailout referendum, while the campaigns in Greece have come to halt. The Prime Minister of Greece Alexis Tsipras has banned any sort of political rallies or publication of new opinion polls 24 hours before Sunday’s bailout referendum.

The rivals carried on rallies half a mile away in Central Athens late Friday while Tsipras made his final call on the stage that was set up for campaign rock concert outside the parliament. He addressed a crowd of 30,000 people by saying, “This is not a protest. It is a celebration to overcome fear and blackmail.”

Tsipras has gambled with the future of his left wing government on Sunday’s snap poll. He also pressed on the fact that if he received a “no” vote, it will help him negotiate a third bailout in better terms. On the other hand, if Tsipras loses the polls, he will step aside.

People of Greece are in full support of their Prime Minister Tsipras. They believe that it is not fully Prime Minister’s fault for the country to face bankruptcy. Maria Antoniou, an Athens resident said, “We have to strengthen Tsipras. It’s not his fault we are bankrupt.”

She added, “He doesn’t have the mandate to take tougher measures and now we are giving that to him. It’s not true this is a vote on the euro. It’s a vote to change course and stay in the euro, and Tsipras is our best hope.”

According to the Police, as many as 22,000 people gathered outside the Panathenian stadium for the “yes” rally. They waved the flags of Greece and European Union chanting, “Greece, Europe, Democracy.”

Evgenia Bouzala, a Greek who was born in Germany faced adverse circumstances because of the financial turmoil and she considers shutting down her olive oil export business as a result. She said, “I don’t think we can keep going. Look at what happened in the last three days. Imagine if that lasts another six months. A ‘yes’ vote would bring a caretaker government and that would probably be better. We have to start over.”

10 other Greek cities also witnessed rallies for both campaigns. The drama was at its very high in the final hours of campaigning. People are now anxiously waiting for the Sunday’s snap poll which will apparently decide the future of the Greek economy.

About David Mayor

Writer and editor of The Next Digit Media, he takes care of iOS, Apple, Mac and other gadgets. He worked at Apple Inc, before joining to TND Media. He was graduated in Bachelor of Journalism & Mass Communication Degree from Cambridge University. All posts by David

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