They demanded that pensions be reduced and that taxes be further be increased. This would add more misery on an over-burdened people. Unemployment is over 25% and over 50% among youths.
He also will close banks and stock exchanges and impose strict capital controls over the ext few days. People will be able to make small daily withdrawal from ATMs but pensions will be paid out at banks.
Tsipras insists hat he does not want to pull Greece out of the Eurozone and polls have shown that as much as 70% of the people want to remain in. The only Greek industry ( people still flock to Greece to see its ancient ruins, like the Parthenon), that is still doing well is tourism but owners and workers in the industry fear that tourists would leave if violence broke out or if there is fuel shortages or if they are able to access payments made on credit cards.
Political opinions are sharply divided, of course. There are those who blame Tsipras for not accepting Europe's terms, and others who praised him for not caving in. There are those who believe that Europe owes Greece more than Greece owes Europe and there are those who fear that Greece will be expelled from the Eurozone.
There is no formal mechanism to evict any country. In 1999, when the common currency was adopted, no one contemplated that this would be necessary.
There is to be a last-ditch talks on Monday, 29 June, between Greece and the creditors.
Greece may have a "white knight" in Russia. Tsipras spoke at the St. Petersburg Economic Forum and met with Putin afterwards. Russia can use this, to sow division in Europe. Putin is still smarting from the sanctions imposed on Russia by America and Europe over Ukraine and being kept out of the G7. He an offer financial relief to Greece and he also as oil and gas in abundance to lure, especially the East and North European countries.
The next few days will be very interesting. July 5, 2015 will determine the fate of the Eurozone, especially if the Greek voters overwhelmingly support Tsipras.
VOX POPULI, VOX DEI.
OXI, a resounding NO by the Greek people. They did not succumb to the fear-mongering, threats, blackmail and the postulations of gloom and doom by the toadies in the media and academia, as well as opposition leader Samaras, who touted the creditors line. It was 61% to the question " must the agreement plan submitted by the European Commission, the European Central Bank and the International Monetary Fund to the European Union of 25 June, 2015, and comprised of two parts which make up their joint proposal , be accepted?"
IACTA ALIA EST. The ball is now in the creditors' court and Merkel, whose country benefitted the most from the austerity measures, and which is owed 89 billion of the 323 billion euros and who had taken a very hard line with the Greek PM Tsipras, lecturing and blaming him for allowing the situation to deteriorate, hurriedly called a meeting with Hollande of France. They have also called for a leaders' summit on Tuesday. Obviously they believed that the "yes" side would prevail and they were thus unprepared for the NO victory, especially its margin. The polls which once again was wrong, had called the outcome a toss-up.
Tsipras has a strong position to deal from and the Troika has to decide whether to offer some relief and re-structure the loan with a lower interest rate or as suggested by German finance minister Schauble, let Greece temporarily leave the euro zone and use another( drachma), until the economic problem eases. Time will tell.
Portugal, Spain and Italy are following the events very closely. Their economy are also faltering under the austerity measures and the example of Greece's rejection of the latest terms by the creditors and their response will be a great interest.
The Greek people (in the spirit of Leonidas), have decided that it is far better to suffer standing up, rather than living on their knees. They have weathered the Ottomans and the Nazis and now they have sent a strong message with this resounding vote of OXI.