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5 July 2015

Greece votes No

Greece has rejected the proposed bailout in a referendum.

By New Statesman

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. 

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