Demonstrators in Greece hold a large "Oxi" (No) sign aloft. Photo: Getty Images
Show Hide image

Greece votes No

Greece has rejected the proposed bailout in a referendum.

Greece has voted "No" to the Troika's bailout proposals. With over 50 per cent of ballots counted, "No" was in a commanding lead of 60 per cent to 40 per cent.

The result will plunge global markets into uncertainty and tip Europe into further crisis. Greek banks will remain shuttered tomorrow morning while traders across the world brace themselves for further shocks. The prolonging of further liquidity to Greece's banking system will be decided by the European Central Bank on Monday. Francois Hollande, the French President, and Angela Merkel, the German head of government, will also meet tonight to discuss future steps.

But the early signs for a deal are poor. Sigmar Gabriel, Germany's deputy chancellor and the leader of that country's main leftwing party, the SPD, said that Greece had "torn down the last bridges on which Greece and Europe could have moved towards a compromise" by voting against the deal. 

Photo: Getty
Show Hide image

Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?

The political and policy-based implications of the new Secretary of State for International Trade.

Only Nixon, it is said, could have gone to China. Only a politician with the impeccable Commie-bashing credentials of the 37th President had the political capital necessary to strike a deal with the People’s Republic of China.

Theresa May’s great hope is that only Liam Fox, the newly-installed Secretary of State for International Trade, has the Euro-bashing credentials to break the news to the Brexiteers that a deal between a post-Leave United Kingdom and China might be somewhat harder to negotiate than Vote Leave suggested.

The biggest item on the agenda: striking a deal that allows Britain to stay in the single market. Elsewhere, Fox should use his political capital with the Conservative right to wait longer to sign deals than a Remainer would have to, to avoid the United Kingdom being caught in a series of bad deals. 

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.