With more than half the ballots in, results from a referendum in Greece suggest voters have decisively rejected the terms of an international bailout. Figures published by the interior ministry showed 61% of those whose ballots had been counted voting “No (oxi)”, against 39% voting “Yes”(nai). (News BBC at 20:25)
Tens of thousands of people were gathered in Greece for two rallies yesterday divided in No or YES camp for the referendum held today. Since there is lack of cash but it has been spent in several elections. Yanis Varoufakis, the Greek finance minister, blamed the creditors as “terrorist”. meanwhile Alexis Tsipras, Prime Minister, tweeted a “message of democracy and dignity to Europe and the world”, who backed NO campaign.
Today, Greeks participated in referendum whether to accept the deal of bailout or not. Greece is the result of the role played by the international community, both what they did and what they didn’t. Economically, the weaker a country the more divided the society. Is this democracy we are looking for to create mistrust around us, and also, that is imposed for the sole benefit of others! Are those the features of democracy?
Professor Joseph Stiglitz says ‘’Greece’s debt restructuring in 2012 is a case in point. The country played according to the “rules” of financial markets and managed to finalize the restructuring rapidly; but the agreement was a bad one and did not help the economy recover. Three years later, Greece is in desperate need of a new restructuring’’
Greece is a member of the EU. But it seems that Greece and the EU have clear dispute created for profits and vested interest. If NO group win the referendum there is mistrust between Greece and the EU Leaders. And also if the ball goes to YES group then Greece must accept the conditions set by creditors. Now Greece is in jerky road of discontented globalization. There is a less hope of happy days either way ahead.
Again Stiglitz ‘‘this means that regulation of sovereign-debt restructuring cannot be based at the International Monetary Fund, which is too closely affiliated with creditors (and is a creditor itself). To minimize the potential for conflicts of interest, the framework could be implemented by … a new global institution.’’
Helena Smith, correspondent of the Guardian, reported an estimation that the NO vote could be ahead by 8 -10 points. But counting so far is No camp is ahead by 61 per cent (at 20:23) Polling booths across Greece now closed and vote counting have begun as a referendum that could determine the country’s place in the Eurozone comes to an end. Finance minister Yanis Varoufakis has told CNBC that Greece could reach a deal with its creditors within 24 hours, if Greeks vote No today.
The crisis in Europe is just the latest example of the high costs – for creditors and debtors alike – entailed by the absence of an international rule of law for resolving sovereign-debt crises. Such crises will continue to occur. If globalization is to work for ALL countries, the rules of sovereign lending must change.’’