Greek referendum: ‘No’ voters celebrate victory

FXStreet (Bali) – The entire map of Greece has turned orange, the colour for the No vote in the Greek referendum as 61 percent of Greeks rejected the bailout offer, with Greek TV projections looking at a final outcome of a ‘No’ vote surpassing the 61 percent handle.

“I believe there is no Greek today who is not proud, because regardless of what he voted he showed that this country above all respects democracy. The government now has a strong mandate, a strong negotiating card, to bring a deal which will open new ways”, Labour Minister Panos Skourletis said, quoted via Reuters.

Defiant language of Greek FinMin

Greek Finance Minister Yanis Varoufakis said: “Greeks returned ultimatum to creditors by saying ‘No’ to 5 years of hypocrisy”, adding that “Greek people have said ‘no more’ to continued austerity.” Varoufakis also said that Monday they will try and cooperate with partners again.

Germany more aggressive on Grexit references

A change in German policy-makers’ tone has clearly taken place amid the unexpected clear lead by the ‘No’ camp in today’s Greek referendum vote. Senior German politicians from Michelbach through Kloeckner to Gabriel, all implying that the ‘No’ vote is a vote for an eclsuion of the Eurozone, with the latter saying Tsipras “has ripped down the last bridge on which a compromise with Europe could have been built.”

Chaos in Greek financial system prolonged?

The reigning fear among investors is that the defiant stance by Athens will not provide much, if any room, to build up trust with international creditors again. The ‘No’ vote, for the Eurozone elite policy circles, read Germans/French, means a decision to be excluded from the shared currency union. If not re-start of negotiations takes places, the abyss of Grexit, bankruptcy on ECB, prolonged closure of Greek banks (assuming no more ELA by the ECB is agreed), are all possible outcomes.

As Reuters reports: “First indications were that any joint European political response may take a couple of days. German Chancellor Angela Merkel and French President Francois Hollande will meet in Paris on Monday afternoon. The European Commission, the EU executive, meets in Strasbourg on Tuesday and will report to the European Parliament on the situation.”Reuters reported earlier that there are no plans for an emergency meeting of Eurozone finance ministers on Monday.

The entire map of Greece has turned orange, the colour for the No vote in the Greek referendum as 61 percent of Greeks rejected the bailout offer, with Greek TV projections looking at a final outcome of a ‘No’ vote surpassing the 61 percent handle.

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