The Greeks have voted. The answer was a resounding “no.” They have had enough of having enough.
From AP.org:
Greeks reject demands for more austerity in key referendum
ATHENS, Greece (AP) — Greeks overwhelmingly rejected creditors’ demands for more austerity in return for rescue loans in a critical referendum Sunday, backing Prime Minister Alexis Tsipras, who insisted the vote would give him a stronger hand to reach a better deal.
Tsipras gambled the future of his 5-month-old left-wing government on the vote. The opposition accused him of jeopardizing the country’s membership in the 19-nation club that uses the euro and said a “yes” vote was about keeping the common currency.
A number of European politicians, including Jeroen Dijsselbloem, the top eurozone official, have said a “no” vote would jeopardize Greece’s place in the 19-nation eurozone. Investors are also likely to believe a “no” win increases the chance of a so-called “Grexit,” where Greece returns to its own old currency.
This has also had a massive rippling effect on Greece, as residents raid store shelves for food and medicines and citizens are hoarding cash because banks have been closed for a week People are limited to a daily cash withdrawal from ATMs of 60 euros (65$) per day.
There has also been street violence in Athens.
How will this affect the US stock market?
We’ll know tomorrow morning.
I don’t suspect it will be pleasant.
BZ
