The Greek referendum, what will happen?..
Greece is basically bankrupt and unable to repay its creditors, a point made very recently when a Greek Minister stated, with a smile, that Greece was unable to repay its debt.
The people of Greece are voting now to say either YES or NO.
YES to accepting the creditors terms for repayment
NO to wanting to make its own terms suitable to Greece, and not to the lenders, but also with its hand out for a further loan…
The Greek referendum question being asked is:
Should the agreement plan submitted by the European Commission, European Central Bank and the International Monetary Fund to the June 25 eurogroup and consisting of two parts, which form their single proposal, be accepted?
It makes me wonder….
A NO vote could see Greece being ejected from the Eurozone. No more funding for the Banks, and massive financial problems for Greece.
A YES vote means that Greece must trim down and work out ways to pay its debt but still stay financially afloat. Something the current Greek government appears not to want. The current government would probably then resign, as has been stated.
Greek Debt in 2014 was 177.1% of GDP
Comparisoms for some other countries are:
23.6% Luxembourg
26.4% Norway
43.9% Sweden
45.2% Denmark
59.3% Finland
68.8% Netherlands
74.7% Germany
84.5% Austria
89.4% United Kingdom
95.0% France
97.7% Spain
106.5% Belgium
109.7% Ireland
130.2% Portugal
132.1% Italy
177.1% Greece
How much does Greece Owe ?
The Greek debt on bankruptcy day, June 30th, 2015 was $315 Billion, with the following main creditors:
€56bn to Germany
€42bn to France
€37bn to Italy
€25bn to Spain
Another website states that Greece owes $352.7 billion to foreign investors.
The top two foreign creditors are:
the European Union (EU) and the International Monetary Fund (IMF) – roughly $264.5 million (75% of its total debt).
Bloomberg states that Greece’s total public debt amounted to 315.5 billion euros at the end of the third quarter of 2014.
The European Financial Stability Facility has lent the country 141.8 billion euros, about 45 percent of its debt.
Greece owes the IMF almost 25 billion euros.
23.1 - 812,803
Once Greece leave the Euro we can get back to our own currency and run our lives our way.
If only the Greeks could collect the taxes due from the richest Greeks…
“One study by researchers from the University of Chicago and Virginia Tech estimated that tax evasion costs Greece about $37 billion a year, equivalent to nearly 15 percent of economic output. The study found that doctors, engineers, accountants and lawyers were “the primary tax-evading occupations.””
Another report quotes: “unpaid taxes amounted to nearly $70 billion”
That last bit could clear about 20% of Greek debt on its own.
61% of the votes were for NO.
The Greek people must now wait and see if the Creditors will be prepared to continue financing Greece, under terms that the Greek prime Minister wants, or if they money supply will now stop.
While they wait, the money supply in Greece will be drying up. No money for government employee wages, or pensions for the aged, etc.
For those who understood the question, it will be a trying time.
Will Greece end up being alone, and back to the Drachma, with no more funding from Europe ?