Greek Finance Minister Yanis Varoufakis said European action towards the country was “terrorism” in an interview with Spanish newspaper El Mundo and said a trillion euros would be lost if Greece was allowed to crash. Greek banks have about $1.1 billion of reserves remaining, enough to last through the end of Monday or Tuesday morning, the head of the National Bank of Greece, Louka Katseli, told reporters on Friday.
The vote could decide if the country remains within the single currency. But, they will have to endure a bigger tax burden and retirees may have to make do with a significant reduction to their pension.
A nation divided… A banner with the word “Yes” is displayed at a bus stop, sprayed over “No” by supporters of the No vote ahead of the upcoming referendum.
Video: Why Is Greece Holding A Referendum?
Addressing the “No” rally, the country’s Prime Minister, Alexis Tsipras, urged Greeks to “vote for dignity” by rejecting the austerity included in a proposed bailout deal from creditors.
Play video “Greek Shipyard: 90% Unemployment”.
Only one had the “No” vote advocated by the government winning.
Play video “Greek PM: Say “No” On Sunday”. “The first document is titled “reforms for the completion of the current program and beyond” and the second ‘Preliminary debt sustainability analysis.'”.
Voters are being asked to tick one of two boxes: “not approved/no” and - below it - “approved/yes”.
European Commission chief Jean-Claude Juncker warned in Brussels that Greece’s negotiating position would be “dramatically weakened” in the event of a “No” - and still hard even in the event of a “Yes” vote.
In an article in the Greek daily Kathimerini, Varoufakis wrote: “The European Union will have no legal grounds to throw Greece out of the euro, and then the real negotiation will start with creditors“. So I think and I hope that the people of Greece send out a clear message on Sunday.
After failing to reach a deal with its creditors last weekend on an extension of its bailout programme Greece’s radical leftist government closed the country’s banks and imposed capital controls until July 6.
Greeks rushed to ATMs to withdraw their money following the announcement of the referendum, which further strained the banks.
Members of the Communist-affiliated PAME labor union jostle next of riot police outside of the a Federation of Greek Industries during an anti-austerity protest in central Athens, on Friday, July 3, 2015.
A “No” vote by the Greek people would reject new austerity measures that are demanded by Greece’s creditors, while a “Yes” would accept the institutions’ conditions for a new Greek bailout package.
But he also reiterated he would resign if there was a “Yes” vote.
A win for the No campaign, the reasoning goes, could also furnish Tsipras with an endorsement for his five-month rule and allow his government to consolidate - and extend - its grip on power.
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They point out that the offer Greeks will vote on is no longer on the table and the question is worded in cryptic legalese, leading the Council of Europe, a major European rights watchdog, to say the plebiscite falls short of worldwide standards of fairness.
Meanwhile, Mr Varoufakis has accused the country’s worldwide creditors of “terrorism” against Greece.
Athens’ high-stakes standoff with lenders saw Greece default on debts this week, close banks to avoid their collapse, and lose access to billions of euros after an existing bailout deal expired. To instill fear in people. “To frighten people. And when it’s about spreading terror, that is known as terrorism”, he added.
