In what has been a trying week for Greece, the Greek referendum has thrown up a resounding “No” in their referendum to determine the future of Greece in the Eurozone. One of the biggest issues in the referendum was whether to accept additional bailout with the Eurozone’s stringent conditions.
As talks continue as to whether Greece would pull out of the Eurozone entirely, Prime Minister Alexis Tsipras is prepared to table fresh bailout plans at an emergency Eurozone meeting. Tsipras’s Syriza party came to power promising an end to austerity as well as renegotiating terms with the ECB.
In a bid to put forward new conditions favorable to cash strapped Greece, finance minister Yanis Varoufakis has resigned as many of Greek’s creditors see him as the biggest problem to new bailout talks.
With less than a Billion Euros in Greek banks and a default last week to one of its biggest creditors, Greece is really a country on the edge.
The hard line drawn by the Eurozone as well as the Greeks reluctance to accept harsh conditions means that there’s an impasse which is unlikely to be bridged in the 48 hours Alexis Tsipras has promised.