“Democracy Cannot Be Blackmailed”

Democracy Now

Celebration for the No vote victory in Athens.  Photo: wikipedia.org
Celebration for the No vote victory in Athens. Photo: wikipedia.org

HAVANA TIMES – Greek voters have overwhelmingly turned down the terms of an international bailout in a historic rejection of austerity. With a margin of 61 to 39 percent, Greeks voted no to further budget cuts and tax hikes in exchange for a rescue package from European creditors. Polls had indicated a narrow vote, but the “no” side swept districts across the country. Thousands of people flocked to Athens’ Syntagma Square Sunday night in celebration.

In voting against austerity, Greek voters have rejected measures that helped cripple the economy, but also turned down a financial lifeline for its struggling banks. The banks will remain closed today as the European Central Bank meets to consider new emergency loans. Tsipras says he will seek a new round of talks with creditors in which restructuring Greece’s $267 billion debt is on the table.

In a surprise move, Greek Finance Minister Yanis Varoufakis announced his resignation today, saying Greece’s creditors no longer want him involved in the talks. Varoufakis said, “I shall wear the creditors’ loathing with pride.” We are joined by Costas Panayotakis, author of “Remaking Scarcity: From Capitalist Inefficiency to Economic Democracy” and professor of sociology at NYC College of Technology at CUNY.


7 thoughts on “Greek Voters Reject Creditor’s Demands

  • The Greeks elected Tsipras, the Greeks voted against the bail-out package, so what does the government of Tsipras seek now? An even bigger bail-out! Its all Greek to me!
    Wonder what Diogenes sitting in his barrel is thinking?

  • Yes, they need to devalue their currency. That will make Greek exports cheaper and boost that sector of the economy. But imports will be much more expensive, which will hit manufacturing which relies on imported equipment. And the price of gasoline will soar, as Greece has no oil to speak of.

    The point is, austerity is coming to Greece whether they vote for it or not. I suspect the ruling party knows this and are deliberately leading Greece off the cliff, hoping the coming crash will destroy the last vestiges of capitalism in Greece, paving the way for a Communist take-over.

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