It seems certain that the political economy textbooks of the future will include a chapter on the experience of Greece in 2015.
July 5, 2015, the people of Greece overwhelmingly voted NO to the Troika’s austerity ultimatum. According to the Greek government, “61.31% of the votes for the 5th of July Referendum voted “NO” whereas 38.69% voted “YES”. There was also a 5.8% of invalid/blank votes. Turnout was 62.5%.”
The Greek government, led by its prime minister, Alexis Tsipras, refused to accept Troika dictates. Instead, recognizing how important the decision was, he put the Troika’s “take it or leave it” ultimatum up to referendum. Win or lose, that was an inspiring vote of confidence in the Greek people. And by the extent of their participation and choice in the vote the Greek people showed that his confidence was not misplaced.
Background To The Referendum
Greece has experienced six consecutive…
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