Early count shows Greece voting to shit-can the Euro and telling the ECB to stuff it.
There’s several more just like it on the net.
‘No’ Vote Leads With 62% of Vote in Greece Referendum
By Alex Bitter 07/05/15 – 02:33 PM EDT
Update: This article, originally published Thursday at 1:03 p.m., has been updated with Greece finance minister comments reported by the Associated Press and updated election results in the first five paragraphs.
NEW YORK (TheStreet) — With 80% of Greece’s referendum vote counted, official results now show 62% voting “no” and 38% voting yes, according to media reports. The outcome is seen remaining a firm “no” to creditors’ demands for more austerity in return for rescue loans.
Greece’s finance minister said the country’s citizens have said “no more” to continued austerity as returns show the “no” side gaining ground in the bailout referendum.
Yanis Varoufakis, speaking live to TV cameras, said creditors had planned from the start to shut down banks to humiliate Greece and to force us to make a statement of contrition for showing to them that debt and loans are unsustainable.
Varoufakis said “the Greek people said ‘no more’ to five years of austerity.”
Buy popcorn by the barrel, and watch the fireworks.
The ECB error, IMHO, was their test run in Cyprus. Folks in Greece are not dumb. They knew “stay in means bank raid and poverty for a generation”.
Next comes the food fight over sovereignty.
Is Greece inextricably part of the EU, and subject to the dominion of the EU / World Bank / World Court / World Fleecing ? Or is it a sovereign nation that can exit a treaty it does not like and go it’s own way?
Many folks in the EU cite the Texas decision of the US Supreme court as international precident for “once in, trapped for eternity”. We fought a “War Between The States” over it (there was little “civil” about it…) and one can only hope that the rump EU is not willing to “go there” with Greece.
In accepting original jurisdiction, the court ruled that, legally speaking, Texas had remained a United States state ever since it first joined the Union, despite its joining the Confederate States of America and its being under military rule at the time of the decision in the case. In deciding the merits of the bond issue, the court further held that the Constitution did not permit states to unilaterally secede from the United States, and that the ordinances of secession, and all the acts of the legislatures within seceding states intended to give effect to such ordinances, were “absolutely null”.
Expect to see this “international precedent” sited as it relates to Greece and an exit…
It’s going to be a mess, but a very interesting mess… Options range from an ECB capitulation, to a Greek Drachma and economic boom (or bust) as Greece goes on sale (or stays bankrupt); and even to “diplomacy by other means”. The dice are rolling folks, get your bets down now.
At Tallblokes,a commenter has an interesting POV on things:
Ron Clutz says:
July 5, 2015 at 11:04 pm
I can see into the future, and here it is: