Arab Today, arab today greek referendum a big bet to keep greece in the euro
Last Updated : GMT 22:34:38
Arab Today, arab today
Arab Today, arab today

Greek referendum, a big bet to keep Greece in the euro

Arab Today, arab today

Arab Today, arab today Greek referendum, a big bet to keep Greece in the euro

Protesters participate in a demonstration
Paris - AFP

A second poll, conducted by the Alco firm found an even higher majority in favour of a deal with Europe: 57 against 29 percent.

While Greeks had been worried about taxes and wages, they are now confronted by banks being closed and restrictions on cash withdrawals, measures that would only worsen if Greece does leave the eurozone.

This may help ensure a majority for a 'Yes' vote. But Natixis's Waechter warned the difficult situation that Greeks faced means "we need to make sure this malaise doesn't get transformed into a rejection of Europe."

Nobel prize-winning economist Paul Krugman believes that Greece's bailout partners -- the troika of the EU, IMF and ECB -- intentionally pushed Tsipras into a corner with their bailout proposal.

"This is, and presumably was intended to be, an offer Alexis Tsipras, the Greek prime minister, can't accept, because it would destroy his political reason for being," Krugman wrote in an op-ed in The New York Times.

"The purpose must therefore be to drive him from office, which will probably happen if Greek voters fear confrontation with the troika enough to vote yes next week."

A referendum thus suits Europeans if it provokes the fall of Tsipras and his anti-austerity Syriza party.

Negotiations could then be restarted with a new government, likely made up of technocrats.

"The government is committed to carry out the will of the people" as expressed in the referendum, Greek Finance Minister Yanis Varoufakis said Saturday.

If the Greek people "want that we sign (the bailout agreement), we'll do it, even if it takes a reshuffle or different government," he said, suggesting a Syriza exit from power if there is a 'Yes' vote.

 

- Delay or default -

 

With a 'Yes' vote in hand, the EU, IMF and ECB could then move to undertaking short-term measures to keep Greece's financial system from collapsing while negotiations on a deal resume.

EU leaders have said the door remains open to Greece, although German Chancellor Angela Merkel made clear that negotiations could only be resumed after the referendum.

The ECB, while it refused on Saturday to increase aid to Greek banks, did not completely shut down the programme, meaning it could provide the help needed for them to reopen.

Greece will likely miss its 1.5-billion-euro ($1.7-billion) payment due to the IMF on Tuesday, but the significance of this will depend a lot on the outcome of the referendum, said Bruegel Institute economist Nicolas Veron.

"In the event of a 'No' vote Greece will not be able to honour its obligations on a permanent basis, whereas today it is just not able to do so on a temporary basis," he said. "It is the difference between a payment delay and a payment default."

While the creditors hold the cards needed to reach a deal, the question is whether they will play the one that would solve Greece's debt problem and possibly help swing a 'Yes' vote.

Euler Hermes chief economist Ludovic Subran said he believes "Europeans need to make a concession" and offer "to restructure Greek debt" even though there is no guarantee this will ensure a 'Yes' vote.

But eurozone countries, which now own most of Greece's debt, have been reluctant to promise to write off the debt as it would likely have political repercussions in several countries.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greek referendum a big bet to keep greece in the euro Arab Today, arab today greek referendum a big bet to keep greece in the euro

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday