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11/22/2024 05:08:09 am

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Greece Crisis Continues: After Voting No, Country's Future Uncertain

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(Photo : Getty Images/Christopher Furlong) More than 60 percent of Greek voters voted against the international bailout conditions. Greece's Prime Minister Alexis Tsipras who has appealed to his countrymen to reject the terms gave his thanks and his assurances.

Almost two out three voters in Greece rejected the Eurozone bailout package on Sunday. Many Greeks are hopeful that the country's leaders can get a better deal from their European creditors and the International Monetary Fund (IMF).

The BBC reported that more than 60 percent of Greek voters polled against the IMF's bailout conditions. Greece's Prime Minister Alexis Tsipras, who has appealed to his countrymen to reject the terms, gave his thanks and his assurances to the voters.

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He said that the first order of the day is to renegotiate a financial deal that will help solve the ongoing economic problem in Greece. Banks have remained closed and can no longer get more loans from Eurozone banks. Citizens reportedly have stand in long lines just to withdraw a maximum of 60 Euros per day. Tsipras believes that Eurozone creditors will have to offer a better deal than the one rejected by Greek voters.

Unfortunately, many leaders and officials in Europe do not see it that way. Eurozone finance head Jeroen Dijsselbloem commented about the voting outcome. He said that it was "regrettable." The Vice Chancellor of Germany, Sigmar Gabriel, merely said that its "difficult to imagine" the prospect of striking a new deal with Greece.

Many Greeks are angry about their current economic plight. Virtually one out of every four Greek national is reportedly unemployed and there are fears that the debt terms will cause more hardships, according to NPR. Those who voted no think that paying more taxes and reducing pensions will prove unbearable.

Others believe that the rejection of the terms will mean the eventual eviction of Greece from the Eurozone. There is also fear that Greece will be forced to give up the Euro and use its own currency, a prospect dreaded by many Greeks.

Reuters reported that Tsipras has announced several times that Greece will remain in the Eurozone and will not give up.

Despite the confidence of the Greece government that it can negotiate a better deal, most of the other countries in the Eurozone are reluctant to grant any more concessions or new loans. What is clear is that once Greece returns to the negotiating table, they will face much tougher and probably more hostile creditors.

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