GREEK REFERENDUM : "YES" FOR MORE AUSTERITY WITHOUT DEBT WRITE-OFF ?

After five months of acrimonious talks and a lot of bickering, Tsipras, the newly elected Prime Minister of Greece has called for a Referendum to be held this coming Sunday, July 5, 2015. 

The Propositions of the EUROZONE and other Creditors, to solve the current Greek Crisis without any Debt relief will be judged and accepted or not !  Greece is now totally Bankrupt and Insolvent ! 

Tsipras was perfectly clear before his Election that he wanted to reorganise the Greek Economy and to do that he needed a significant write-down of Greek Debts by the EUROZONE.  The reduced repayments would help to provide the Financial means to permit the Greek Economy to become viable again.   He also wanted  stability for Greece and therefore wanted it to stay in the EURO and EUROZONE.

On these promises Tsipras was Elected ! 

Five months later NO DEBT RELIEF has been offered ! 

All the Talks or Negotiations have been "kind advice" of what "should be done" so that the Greek Economy would become "Financially sound and profitable again" !  
If Greeks now vote "NO" it will be because they do not want any more of the austerity that they have suffered during the last five years !  Because there is no Debt Relief, Greece will be forced out of the EUROZONE and will renounce all repayments of Financial Loans !

Creditors will lose approximately 320 Billion EUROS, and introducing a NEW and STABLE Drachma by Greece will be a painful experience !

Above all it seems the EUROZONE wanted to avoid creating a Legal or Financial precedent by writing-off  Financial loans !  It did not even want to propose any type of MORATORIUM on debt repayments to help Greece, which this Blog expected would finally be the "saving grace" of the EUROZONE !

What has now however become very clear is that not only GREECE must restructure but the EUROZONE also.  At present it is a "RAGBAG" of 19 countries, all different with their own preferred nationalistic aims.  

EUROZONE principles and rules need to be defined by an elected "Zone Board of Directors" !  This necessity too, could become another unending and sterile,"five month long" EUROZONE discussion !  

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