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GREEK REFERENDUM RESULTS LIVE – Overwhelming Rejection

GREEK REFERENDUM RESULTS LIVE – Overwhelming Rejection

The end of the EU and Euro as we know it?

https://twitter.com/TeamVaroufakis/status/617750910278725633

Live Video and Twitter feeds at bottom of post.

The initial results from the referendum on Greece whether to agree to an austerity plan are pointing to a huge “No” vote.

The Wall Street Journal reports:

A first official projection of Greece’s referendum outcome, based on early counting, said that at least 61% of Greeks voted “no” to creditors’ demands on Sunday, an outcome that—if confirmed—would set the country on a collision course with the rest of the eurozone.

The projection, announced by the company Singular Logic, the official partner of Greece’s interior ministry in carrying out the referendum, was announced after some 20% of the vote had been counted.

“The estimate from Singular Logic is that the result in favor of ‘no’ will exceed 61%,” a spokesman for the organizing company said.

Official results are posted here.

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Comments

I’m somewhat surprised to see that Greece is finally turning into a major exporter of something.

And that something is … comic relief.

Could be a major growth industry …

Don’t worry, Greece. With the hyperinflation you’re about to go through after rejecting this plan, you’ll have multi-million unit incomes inside a year or two. Billions by the end of the decade.

Talk about a crappy choice! A “yes” vote strengthens the power of the empty-headed EUtopians, while a “no” vote is a victory for the commie thugs running Greece.

But the ultimate villains in this are the Greeks themselves. Apparently a solid majority of them learned nothing from horrors of Nazi Germany, the Soviet Union, North Korea, China, and Cuba.

I hope Americans are paying close attention, since this is America’s future in a decade or so.

    MouseTheLuckyDog in reply to Recovering Lutheran. | July 5, 2015 at 4:44 pm

    I can understand people voting No. I can understand people being relieved when No passes.

    What I cannot understand is people cheering that no passes.

    Greece was always going to default – as it has FIVE times already in its 200 year history as a modern nation. The numbers can never add up to where that debt could be repaid, even after the major haircut in 2011. Putting it off only makes the pain worse when it happens, and recovery a longer process.

    When that “last chance final bailout deal” was struck, Greece had debt of 175% of their GDP. After four years of only doing about half the austerity measures they agreed to, they have seen GDP contract every year in a long and continuing recession. Their debt ratio now is over 197% of GDP and rising.

    – –

    There was never any hope, the frantic efforts of the ECB and EU were designed more to keep larger economies with too much debt on their austerity programs. PR, mainly.

    There is no happy ending when you borrow and spend more than you can possibly repay.

    snopercod in reply to edgeofthesandbox. | July 5, 2015 at 7:55 pm

    …and every Country between Greece and Ukraine.

    Estragon in reply to edgeofthesandbox. | July 6, 2015 at 1:28 am

    Yes, but Ukraine’s problem was evident when Obama scotched the missile defense plans for Poland and the Czech Republic shortly after taking office. It just took Putin a while to realize that, yes, the Americans had in fact elected a weak and spineless worm as President.

God forbid the Greeks who voted for the destruction of their economy should be permitted to immigrate here. Human Locusts.

Another sip of hemlock?

Democracy now means avoiding responsibility? Where have I seen this before?
Epicurus wins again!

theduchessofkitty | July 5, 2015 at 3:43 pm

This vote still doesn’t get them out of this mess. They’re going to find out soon enough.

I suppose there is some progress in Europe. It has not resulted in another European war.

Another lesson in how well socialism works.

    MaggotAtBroadAndWall in reply to Barry. | July 5, 2015 at 4:45 pm

    The last good idea to come out of Europe was the Enlightenment. They are absolutely fanatical about trying to make top down technocratic central planning work. They invented socialism, communism, Nazism now this failed EU supra-government approach. They are huge backers of the global warming hoax, which will result in more global governance and wealth redistribution.

    Deranged Democrats want to be more like them. Bernie! Bernie! Bernie!

9thDistrictNeighbor | July 5, 2015 at 4:19 pm

Everyone can understand denial of access to your own cash in a safe deposit box and grocery store shelves emptied of essentials like flour, sugar and rice. Some wake up call.

Midwest Rhino | July 5, 2015 at 5:00 pm

Gee, I wonder if our politicians believe our savings and investments belong to them, as politicians in Greece apparently do of their citizens.

This is why many wealthier people have opened bank accounts in Canada, and why they say of gold, “if you can’t hold it (in your hand) you don’t own it”.

We can still print the world’s reserve currency, though that might not save us from inflation, and the states don’t have that option. Too bad we also are building a welfare state instead of a full employment productive society.

innocent bystander | July 5, 2015 at 5:44 pm

According to Wikipedia, Greece is 3% of the EU population and 1% of the EU economy.

great unknown | July 5, 2015 at 5:47 pm

One interesting issue is that as long as Greece is part of the EU, any Greek citizen can opt for “welfare migration”. They can freely move to another EU country and live off of the government there.

Who exactly do the “No” voters believe is going to continue funding their country? Lenders would be better off walking away than being held hostage to a country demanding money for nothing.

As for the Greek middle class…. prepare to pay for decades of massive tax avoidance combined with demands for government benefits. You’ve run out of rich people to tax and the bill is coming due.

These Greek debtors are going to feel fiscal pain regardless of how they voted. So, what, exactly, are they celebrating about? I guess some reflexive notion of national pride?

I side with the Greeks. Let’s not forget that the money is from the Central Bank of Europe. So it is make believe. If the Greeks can control their Central Bank, they would be richer than the bank laden Americans. The Greeks can’t have a future as long as the Central Bank of Europe controls them. Yet, the last country that controlled their central bank was Panama. The USA invaded two weeks later which is about as fast as it can be done. Central banks are an extreme form of taxation. Who wouldn’t vote to get rid of them?

    The Friendly Grizzly in reply to InEssence. | July 6, 2015 at 11:03 am

    I do as well, for one big reason: they told an unelected bunch of caviar-eaters in Brussels to go to hell. I also like this because it could signal the end of the European union.

    I can see a common market model for things like harmonizing automobile safety standards, or establishing trade without crazy-high tariffs. But, a common currency idea was, and remains, sheer lunacy.

Midwest Rhino | July 5, 2015 at 6:22 pm

The half of the economy that is off the books will not be affected, except fewer people will have that government income to spend. The tourists will keep coming, now looking for a currency bargain, unless unrest begins. Entitlements might be hardest hit, and savers that didn’t hide their money from their government.

NATO’s Greek ports must be profitable for Greece, as we subsidize their national defense. Russian oligarchs probably have villas there already, and are surely trying to gain more influence, but Russia isn’t rich either.

A no vote really is an austerity vote I’d think. They will face the music, but just default on the debt. The US just says goodbye to another $30B, or whatever their IMF share is.

    Casey in reply to Midwest Rhino. | July 5, 2015 at 8:17 pm

    As best as I can tell, Greece was loaned ~240 billion Euros. Don’t know how much our share was.

    Let’s just exit the IMF. Close down the Fed while we’re at it.

The end of EU, perhaps. The end of Greece, if they don’t get their act together. Greece spent, but did not tax. This created or reflected a misalignment between consumption and production. America, despite our large economy, is in the same dire straits. Of course, America has certain [temporary] advantages that Greece does not.

Hmmm. Will the holders of Greece’s debt take a major island in exchange?

    Yes. It’s called “CRETE” and it houses about $10 Trillion Euro’s worth of petroleum products capable of making diesel fuel.

    You’re going to see the green party in Greece fall apart very, very quickly in terms of preventing oil development when the Greeks are hard up for cash to pay for their social programs.

Someone tweeted that whereas “the world” had been putting economic policy before people, the Greeks were now putting people before money and politics. And here I thought the problem was that Greece didn’t have enough money to pay for everything its people want, and I thought the Greeks had just declared that they will not accept any decrease in the amount of money spent on them, even if their country doesn’t have it.

Someone else tweeted an image of a woman in a bikini lounging in a hammock alongside a brilliant blue ocean, with some words superimposed, along these lines: “Life isn’t supposed to be about paying bills and then dying.” So, is life supposed to be about lounging in the sun while other people work to pay your bills? I wasn’t entirely sure which side of the issue that image was meant to support.

How would the end of the EU be a bad thing? I for one, think that it is high time that the other countries in Europe do the same thing. In fact, i am really liking that the one world government idiots are taking it in the shorts again.

Sammy Finkelman | July 8, 2015 at 7:43 pm

Quoted in http://thetraderswire.com/email-from-greek-voter-with-no-dreams-and-nothing-to-lose-greek-no-vote-demographics/

“The following email was to a reader of mine. The email comments on the state of affairs in Greece as well as my proposed Way Forward.

“No Dreams and Nothing to Lose”

Nothing to Lose writes … ”
————————————

I don’t give a **** for politicians, I just care about my country.

I am a 30 year unemployed person with a bank account that has less than $ 10,000 left. What do I have to lose?

I don’t have dreams for my life anymore. And I haven’t even begun to live. For 5 years we suffered, and we are no better off.

Before the IMF came, Greek debt was around 118% of GDP. After two bailouts, debt is now close to 175% of GDP.

Is that progress?

The official unemployment rate is close to 30%, imagine how much the unofficial might really be.

More than 10,000 have committed suicide. That’s about 1/1000th of the population.
They just don’t let us breathe.

This picture Sums Up the Bailout Success.

Sammy Finkelman | July 8, 2015 at 7:44 pm

It was the people not getting any government money who overwhelmingly voted NO.

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