Greek voters have voted no on agreeing to austerity measures for additional bailouts. Since Greece is broke without additional bailouts, times in Greece are about to get very interesting indeed.
Also, Greece’s finance minister Yanis Varoufakis has resigned.
Germany says they’re done talking, and the European Commission says that the previous bailout offer is now off the table.
A member of the European Central Bank’s governing council says “Greek debt held by the European Central Bank can’t be restructured as doing so would contravene the eurozone’s founding treaties.”
And if Greece won’t be forced to pay its debts, voters in Spain, Portugal and Italy will start to wonder why they should pay theirs.
But without additional loans, things in Greece are going to get very bad indeed. How bad? Greek banks are drafting plans to confiscate 30% of bank deposits over €8,000. Greece’s middle class has spent they last decade enjoying spending other people’s money, only to wake up and find that they are now Other People.
Breaking: Greece votes for invisible money to rain from the skies
— David Burge (@iowahawkblog) July 5, 2015
Tags: European Debt Crisis, Eurozone, Greece, Welfare State, Yanis Varoufakis