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[h=4]Greek government wins decisive bailout vote victory[/h]A "no" vote threatens European economic unity and casts Greece into uncharted waters.
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The Greek voters have spoken, but what exactly they've said will likely be up for debate in the coming weeks.
Video provided by Newsy Newslook
A young boy waits as his grandmother prepares her vote in a voting booth during the Greek referendum in Thessaloniki on July 5, 2015.(Photo: AFP)
ATHENS — Greece on Sunday delivered a resounding "no" to international creditors' stringent lending terms. The historic vote jeopardizes European economic unity, sets Greece on a collision course with the region's political leaders and casts the nation of 11 million on an uncertain financial course.
After most of the votes were counted, Greece's Interior Ministry projected that 61% of voters rejected the terms.
The "no" vote was a far larger repudiation of the lenders' austerity demands than recent polls had predicted.
As night fell in Athens, thousands of "no" supporters flooded into Syntagma Square in front of Greece's Parliament, waving flags and banners.
USA TODAY
Greek 'no' voters celebrate historic victory
"No more blackmail," said supermarket employee Vasilis Rigatos, 45, a "no" voter who joined the celebration in the square.
Speaking to supporters Sunday night, Greek Prime Minister Alex Tsipras said the "no" vote was not a vote for Greece to leave the 19-nation eurozone, and added that he wanted negotiations to resume straightaway. "(The vote) is not a mandate against Europe," he said.
Greece's left-wing government had urged a "no" vote, saying the new tax hikes and benefit cuts demanded by the International Monetary Fund, European Central Bank and European Commission were too onerous for a nation that has suffered a severe, five-year depression, the worst slump of any European nation.
USA TODAY
First take: Greeks tell EU, 'No means no'
Tsipras, whose government was elected this year on a pledge to reject more austerity, called for the referendum in hopes it would persuade the creditors to ease their terms.
If they stand firm, Greece may be forced to leave the eurozone and replace the euro with its greatly devalued former currency, the drachma. Such an unprecedented move in the history of the eurozone would make Greek exports cheaper but boost the cost of imports and leave the government without funds to pay for everything from basic services to retiree pensions.
Supporters of the no vote wave Greek flags in Syntagma square in Athens on July 5, 2015.<span style="color: Red;">*</span>(Photo: Petros Giannakouris, AP)
Millions of Greeks voted Sunday in the hotly contested referendum, and the outcome of the vote could have far-reaching consequences for markets around the world.
Investors in Asia will get the first opportunity to react to the news when markets open Monday. The euro was forecast to start trading about 1% lower against the dollar. U.S. stock market futures were off more than 1%, suggesting a down day on Monday.
USA TODAY
Wall Street's vote: 'Yes' in Greece referendum
Greek Finance Minister Yanis Varoufakis said he would work with Greece's creditors to find common ground and cut a deal as soon as possible.
Whether his negotiating counterparts are willing to take up that conciliatory offer is not clear.
German Chancellor Angela Merkel was likely to meet with French President Francois Hollande on Monday, and European Council President Donald Tusk called an emergency summit to discuss the crisis on Tuesday.
What's clear is that the outcome leaves matters unclear.
"If, after the referendum, the majority is a 'no,' they will have to introduce another currency because the euro will no longer be available for a means of payment," Martin Schulz, European Parliament president, said on German radio.
Greece's conservative opposition leader Antonis Samaras resigned after the vote.
Earlier Sunday, Tsipras urged Greeks to vote "no," arguing that a rejection would give his administration a stronger mandate to negotiate better terms for Greece.
"No one can ignore the message of determination of a people taking its destiny in its own hands," Tsipras said after casting his vote. "Today democracy conquers fear."
USA TODAY
Greeks face only bad choices on eve of historic vote
At a polling station in central Athens, a throng of "no" voters cheered when Tspiras cast his ballot.
In the western Greek city of Patras, housewife Anna Roussou, 45, said she voted "yes" to the austerity terms for getting new loans. "I have three children, I cannot take the risk" of voting against the bailout terms, she said. "Banks are closed. I cannot feed them. Revolution is great, but only when you have the right weapons and friends."
Dimitrios Karamanolis, 70, a farmer from Patras who voted "no," said, "I'm scared, I can't get my pension. I normally get 400 euros (a month, about $440) after 40 years of hard work, now they give me 120 euros. The best I can do for my son, my daughter and my grandchildren is to vote 'no.' "
The referendum took place after Greece's banks shut last week to prevent mass withdrawals. ATM cash withdrawals were limited as Tsipras tries to prevent Greece's economy from collapsing.
Greece's $270 billion financial-crisis-era bailout package expired Tuesday, the same day Athens missed a $1.8 billion loan repayment to the IMF.
A man leaves a cabin before casting his vote at a polling station in Athens on July 5, 2015<span style="color: Red;">*</span>(Photo: Emilio Morenatti, AP)
Without a fresh injection of funds, Greece's banks could run out of money as early as Monday if the ECB pulls the plug on an emergency borrowing facility it has provided to Greece's lenders.
"In the current circumstances of great uncertainty in Europe and the world, the ECB has been clear that if we need to do more, we will do more," ECB Executive Board member Benoit Coeure said Sunday in France.
On Friday, the last day of campaigning, the rival sides held rallies in Athens. There have also been rallies in support of the government's position in Dublin and Lisbon. Both Ireland and Portugal received international bailouts to stave off bankruptcy.
USA TODAY
Greece's debt-crisis road is long and winding
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About 22,000 Greeks yelled pro-European slogans near a rival rally in central Athens late Friday, two days before a bailout referendum to determine the country's financial future.
Video provided by AFP Newslook
Hjelmgaard reported from London and Skoulis from Patras
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