Saturday, July 4, 2015

Greeks will vote their country out the EU and that's goooddd

Greek prime minister Alexis Tsipras has called a referendum on the country's bailout deal with its European creditors.  The vote, which will take place on July 5, and will ask Greece's citizens whether they want to accept tough measures put forward by the International Monetary Fund, European Union and European Central Bank. A "no" vote would see Greece default on its debts and force the country out of the euro. It came as Greek rejected a €15bn rescue plan, lashing out at attempts to blackmail the country into submission. Greece's fate is due to be decided at a last-ditch meeting of eurozone finance ministers in Brussels on Saturday, as differences over tax rises and spending cuts continue to hold back an eleventh hour agreement. The meeting has been billed as the last possible opportunity for Greece to cede to creditor demands and stave off a default. In the absence of a deal, creditors are planning for a series of emergency default scenarios, as the banking system would likely face ruin. Capital controls in the form of enforced bank holidays and deposit withdrawal limits could come as early as Monday, according to analysts at Credit Suisse...

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