Sunday 5 July 2015

Keep Calm and #VoteOxi

The Greeks are voting today on whether to accept an EU bailout with more punishing austerity measures attached.

Greek Prime Minister, Alexis Tspiras, called a snap referendum last week after it became clear that no deal would be reached with Germany by the deadline for their IMF loan repayments and is urging the Greek people to vote no.

Greece's debt is unsustainable and its membership of the €uro is damaging to the Greek economy. Dropping out of the single currency and returning to the Drachma will boost Greek industry and attract foreign investment. Greece is too left wing for its economy to fully recover and the country will inevitably default so this is about damage limitation. Greece already has €230bn of bailout loans it can't afford to pay - do they want to add another €60bn to it just to delay the inevitable?