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After the Greek Referendum: Into Uncharted Waters

July 30, 2015 • GLOBAL ECONOMY, CRITICAL ANALYSIS, World Politics, Europe

By Dan Steinbock

The triumph of the “no” vote in the Greek referendum was not a mandate for Grexit, but a new starting-point to talks. But is there room for a compromise any longer?

greek-referendum-visual-2On Sunday (5 July), some 62% of Greeks voted against and only 39% for the creditors’ June 25 proposal. It was the official end to austerity policies,1 which failed the Eurozone in the early 2010s.

Unlike Brussels, Washington opted for very different policies – and a very different outcome.2

Prime Minister Alexis Tsipras did not resort to the referendum to end the negotiations, but to ensure a better hand. By Monday, Greek party leaders signed a joint statement, expressing common goals, including the securing of funding in exchange for reforms and seeking debt relief.

 
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