Greece referendum: a vote on the precipice – FAZ – Frankfurter Allgemeine Zeitung

      

 
 
 
 
 
     
 
 
 
 
 
 
 
 
         

 
 
 
 
 
          Say Just No: at the Central Bank in Athens
     

 
                                              

 
 
     
     
     
         
         
                                                             

The message of the European Commission President of the Greek people was on Friday clearly and concisely. If the Greeks majority voted in the referendum on Sunday with No, the already very difficult negotiating position of the Greek government would again “deteriorating dramatically,” said Jean-Claude Juncker, following the visit of EU commissioners at the start of the Luxembourg Presidency in Luxembourg , If YES stood before still “very difficult negotiations” with the creditors Athens. Very difficult it is therefore in any case.

                         
         
         
                                                             
                             

Author:. Werner Mussler, economics correspondent in Brussels Follow: Author:. Tobias Piller, economics correspondent for Italy and Greece, with headquarters in Rome Follow:

is definitely wrong that it creates an impression of Finance Giannis Varoufakis, after the referendum could quickly reach an agreement between Athens and the government can be achieved. Even Greek Prime Minister Alexis Tspiras sees the referendum no decision on a farewell to the euro. Juncker’s comment and the comments of the chief of the Euro Group, Jeroen Dijsselbloem, but on Thursday show rather that the euro countries definitely no longer rule in the case of No, that Greece then also slips sooner or later from the monetary union.

                         
         
         
                                                             

Dijsselbloem had said, the Greek people vote on their country’s membership of the euro area from. A Grexit would not be the result of a political decision by the euro-zone countries, but the rapidly worsening economic hardship in the country. In this case, Greece would be in urgent need of humanitarian assistance. The funds would probably partly from the EU budget and partly directly by the Member States. The euro crisis fund ESM could it not be used.

                         
         
         
                                                             

But after a Greek Yes it is difficult. The euro countries have repeatedly made it clear that they are prepared in principle to further negotiations with Athens then. They would probably with the aim to agree on a new utility from ESM funds. Promising such negotiations would, however, probably only when a Yes vote in the referendum resulted in a fall of the current left-right government and in its place a cabinet of technocrats would occur – which, although many hopes in Brussels, which is not very likely, however. Even if the government latter will this case under pressure, the majority in Parliament once remained the same – a change of government would be hard to imagine overnight

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Only a new government would certainly be conceivable that Athens would ready explain to those reforms, which Tsipras the government has denied. What is clear, however, that the negotiation of an agreement required time. More time would be needed because in some countries, for example in Germany, the national parliaments would have to deal. This would initially grant the creditor institutions a mandate to negotiate and agree to the conclusion set out in an agreement new loans. Occupy alone the critical voices in parliament that this is by no means obvious. So that Athens can replace the securities held by the European Central Bank bonds and mature on July 20 bonds is, so to doubt strongly.

                                 

 

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Greece chooses

A vote on the brink

Werner Mussler and Tobias Piller

On Sunday the Greeks vote on their future. But whether it yes or no tick – even after the referendum will not be known immediately, as it goes on in Athens. The different scenarios at a glance.

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