If it decides not to supply more liquidity to the Greek banking system on the grounds it may be throwing good money after bad as a default looms, the Greek banks will not be able to stay afloat for long, despite claims from the Tsipras government that they will be open this week. In anticipation of a possible Greek collapse, there is expected to be turmoil when the financial markets open on Monday. Around the world, bankers and investors prepared to meet to discuss the implications of the outcome.
But that comment was viewed as an encouragement for a yes vote. The no vote was supported by the hard left and the neo-fascist right in Greece, while the mainstream centre-left and centre-right campaigned for a yes vote. Tsipras appeared cool and relaxed casting his ballot. Greek referendum no vote signals huge challenge to eurozone leaders. IMF: austerity measures would still leave Greece with unsustainable debt. Read more. Reuse this content. How could the man elected on the basis of ending austerity and tearing up the hated bailout have just applied for a third loan and signed off on some of the most austere measures in months?
But it wasn't possible. He sighs, flicking through the recently signed document of reform measures. But wasn't the referendum a complete waste of time, money and emotion, I ask? But our victory in the referendum was a mandate for him to continue to negotiate. I ask whether the idiosyncratic exercise in democracy was worth it; to have banks closed, Greece back in recession and Alexis Tsipras seen in Europe as the black sheep. But for a great part of the people of Europe, Tsipras is not the black sheep - he is a hero.
In truth, criticism of Greece's prime minister is growing on both sides: from those who berate him for breaking pre-election pledges and going back on the referendum result. On the other, from those who point out that a deal weeks ago would have avoided the nightmare of the past fortnight, with queues at bank machines, businesses haemorrhaging money and the need for even deeper austerity to redress the balance.
Much has been said already about the strategic intentions and the democratic constitutionality in terms of content, framing, and timing of this referendum.
Despite the unclear nature of the referendum choices, the results of the survey neatly reflect general attitudes, preferences, and expectations towards economic and political integration from this small debt-ridden corner of Europe.
But what explains the different vote choices? We think that there are two competing explanations. On the one hand, people may have voted based on their preferences about their preferred course of action for Greece. This is the kind of reasoning that moderate opposition and European politicians tried to evoke in the week leading up to the referendum vote. Therefore, it seems that the narratives about the implications of the referendum result were, in general, more powerful in explaining vote intention than preferences about the euro or the EU.
To get a more in-depth understanding of this result, we investigated the determinants of voting behavior in more detail. First, the vote was clearly divided along partisan lines.
This underscores our finding that partisan narratives mattered to a large extent, with voters seeming to have toed party lines. Second, some further interesting results arise in regard to the socio-demographic make-up of the vote. Surprisingly, occupation and education mattered little for vote intention. What we found particularly striking was that public sector employees had similar vote intentions to private sector employees, despite the fact that their salaries very much depend on overall public finances.
This is rather puzzling since the economy of non-urban and rural areas has been much less hit by the crisis, owing mostly to tourism and agriculture revenues as well as targeted transfers and subsidised prices.
It should be noted, of course, that SYRIZA enjoys a strong organisational advantage in non-urban areas that arguably translated into higher campaign effectiveness.
Some may argue of course that islanders were also voting against the proposed elimination of their VAT exemptions. Future EU Global Europe Monti: Ignoring the Greek referendum was a violation of democracy By disregarding the resounding 'No' of the recent Greek referendum, Alexis Tsipras clearly violated democracy, said the former Italian premier, Mario Monti. Angela Merkel now finds herself trapped between the will of the Greek people and the inflexibility of her finance minister.
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