Greece has delivered a resounding No to its creditors, in a move that has stunned the eurozone tonight and may shake the financial markets.
In the last few minutes, the last ballot papers were counted. And No campaign has exceeded all expectations by securing 61.31% of the vote [here’s the official count].
Every area of Greece has voted to reject the proposals of Greece’s creditors and seek a better deal.
Prime minister Alexis Tsipras has declared that it’s a historic day for Greece, which shows that democracy cannot be blackmailed.
In a TV address, Tsipras has also vowed to begin negotiations with creditors to reach a sustainable deal to tackle Greece’s debt crisis.
“You made a very brave choice.
“The mandate you gave me is not the mandate of a rupture with Europe, but a mandate to strengthen our negotiating position to seek a viable solution.”
Tsipras will meet with other political leaders at 8am BST on Monday morning, as thousands of jubilant No campaigners head to bed after celebrating the result in Athens, and beyond.
Greece’s future in the eurozone looks more perilous than ever, and the next 48 hours could be critical.
On Monday, the European Central Bank will meet to discuss the emergency liquidity provided to Greek banks (which is currently capped, forcing capital controls to be imposed a week ago).
German chancellor Angela Merkel and French president Francois Hollande will meet in Paris on Monday night.
In the UK, prime minister David Cameron will meet with Chancellor George Osborne and governor of the Bank of England Mark Carney to discuss the impact on Britain’s financial stability.
Then on Tuesday, eurozone leaders will debate the crisis at an emergency summit. Eurozone finance ministers will hold a Eurogroup meeting that afternoon.
Eurogroup president Jeroen Dijssebloem has already criticised the result of the referendum, warning:
“I take note of the outcome of the Greek referendum. This result is very regrettable for the future of Greece.”
However, democratic senator Bernie Sanders has hailed the result as a decisive vote against austerity.
Source: The Guardian