After five years of pension cuts and tax increases, the prospect of greater austerity in exchange for another bailout was defeated yesterday by a margin of 60 percent. The banks are still closed, and Greece faces default, financial collapse, expulsion from the Eurozone — and possibly from the European Union. Prime Minister Alexis Tsipras calls his referendum "a celebration of democracy" and, for the moment, EU leaders don't know what to do. One sign of possible conciliation is the surprise resignation of controversial Greek Finance Minister, Yanis Varoufakis. We look at possible options for America's biggest trading partner.
Greek Voters Just Say "No"
More
- Greek Finance Minister Yanisvaroufakis on no vote as a yes to democratic Europe
- IMF Managing Director Christine Lagarde on the Greek vote
- Statement of European Commission following Greek referendum
- European Central Bank on emergency liquidity assistance to Greece after referendum
- Reuters on Germany, France pressing Greece to make credible proposals
- Weisbrot on Congress weining in on holding IMF accountable for damage caused by failed policies in Greece
- Kirkegaard on it being up to PM Tspiras to avoid disaster after Greek referendum
- Peterson Institute on worry, relief among Greece's neighbors after referendum
- Financial Times on Greek banks preparing plan to raid deposits to avert collapse
- Eurozone giving Greece one last chance
Credits
Guests:
- Dina Kyriakidou - Reuters - @reuters
- Mark Weisbrot - Center for Economic and Policy Research - @markweisbrot
- Jacob Kirkegaard - Peterson Institute for International Economics - @PIIE_com
- Ferdinando Giugliano - Financial Times - @ferdigiugliano