Greece’s ‘No’: What next for Europe and Greece?

Greece has given a resounding vote in the referendum to reject austerity measures imposed by the creditors in the terms and conditions for a bailout. The vote was 60-40 in favour of the ‘No’ side. The massive vote is a setback to the Eurozone and the dream project of a single currency which was implemented to remain permanent and strengthen the union. While the vote is a rejection for austerity, it is by no means an indicator that it is a vote to exit EU.

Many Greeks feel it is important to stay within the EU, but that does not mean they are ready to be coerced into accepting what the elite nations of Europe try to impose. Even Greece Prime Minister Alexis Tspiras, while acknowledging that the vote was a mandate for sustainable future, said it was by no means a mandate against Europe and warned that there would be no easy solutions. The outcome for millions of Greeks was an angry message to creditors that Greece can longer accept repeated rounds of austerity that, in five years, had left one in four without a job.

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