The vote to accept creditors terms, as I write this, has been open for a bit more than an hour. The numbers voting are so far light. The Greek press agency says not to expect first "safe" results until 9 pm: http://www.amna.gr/english/articleview.php?id=10406 A 7 hr time difference is 2 pm EDT in the USA per http://www.timeanddate.com/worldclock/converted.html?iso=20150705T21&p1=26&p2=198 I won't be paying attention to pundits claiming knowledge of the results prior to announced "safe" time.. Unfortunately the AMSA Twitter feed is in Greek so I have to wait until their web page ìs updsted. Both the BBC and Russia Today broadcasters and web sites were carrying live polling place video at the open, so they might be sources of info after 9 pm (2 om). HTH.
Just to add a small detail, it's more about a general "should we agree to what the ECB/IMF want or not" decision rather than specific terms, mainly because the creditors took their offer off the table days ago. Still an interesting vote, time to see what the Greek people think. I would love to see a "no" vote just so we can finish this Greece mess. A yes vote would probably force some sort of a government change in Greece and acceptance of pretty much what the creditors demand. Following that would be another aid package paid from the EU tax payers pockets.
Some "experts" say the outcome of the vote would benefit the Greek voters in no way. Should they vote "no" how will they get on without financial aid? The problems they have won't solve themselves simply because they've left the EU and if they are counting on other countries [Russia or China] to lend them money then I think they are mistaken.
Some "experts" say the outcome of the vote would benefit the Greek voters in no way. Should they vote "no" how will they get on without financial aid? The problems they have won't solve themselves simply because they've left the EU and if they are counting on other [non-EU] countries [Russia or China] to lend them money then I think they are mistaken.
FWIW, I don't think I commented on the meaning of the vote. I don't pretend to understand the machinations of the Greek and German politicians' minds. Like the US Congress, I think the Greek parliament was trying to avoid responsibility for their actions by tossing the decision to the people. Nevertheless the pundits will be running amuck with opinions all over the proverbial map. As an investor in mostly USA businesses, I just look at the market action as an opportunity to pick up some bargains. As I write this the Greek polls have been closed for just under an hour. The Greek press agency has posted an early story on results. http://www.amna.gr/english/articleview.php?id=10429 Happy chaos to all.
On Twitter and Twitter-owned Periscope, I found David McWilliams @davidmcw who is an economist. He lives in Ireland, currently in Cuba, and traveling to the UK to meet with bankers mid-week. I've watched a number of his Periscope broadcasts this long weekend. Interesting thoughts and answers to questions poised by viewers. Bottom line, he believes eventually Greece will stay with the EU and creditors will write off 2/3 of the debt. That will have ripple effects in other struggling EU countries. His last broadcast, from Havana, was looking at Venezuela TV comments on the Greek situation. I think his comments are more balanced than the BBC that reflects the UK anti-Euro stance. Food for thought. I find him to be interesting and well-spoken. YMMV. HTH.
The vote wasn´t as much about any deal, as much a confidence vote in the current government and a middle-finger to Germany. It was an emotional and prideful vote, where most people just offended or sick of the EU dictating terms. There wasn´t so much of a vote on a new plan, just that they didn´t want to stay the course. For Germany and France, the 60%+ vote kinda tells them that the Greek population is gone. This is no longer just about bad government, it is about the people wanting to stick to a failed budget. At this point, I think Germany should just let Greece fall apart, as nothing more than a show that ´you think things were bad in the EU, look what happens when you leave´. Greece is going to have huge problems. no more Euros to pay pensioners...
I truly wish that the IMF and the ECB will now start to realise that all of the billions they have poured in the Greece will never ever be coming back. No matter what they do. Some idiot politician was just saying how "the Greek citizens shouldn't suffer for a bad government" but that excuse is now long gone. They picked a bad government in the past, they picked a bad government last time and now they basically voted "no" to getting more money quickly. Close down the financing and watch Greece fall. This would mean them defaulting on all the billions and billions of euros of loans they have but it's not like any of that money was going to be paid back anyway. Only thing that is needed after kicking them out is to NOT borrow anymore money to them.
Letting Greece fall apart, does that mean Greece will be expelled in EU? And what happens now to their debts, will it be an abandonment? Okay, let Greece be where it should be. With the bankrupt economy, the Greeks will definitely go hungry. For me, it doesn't look like a good idea to leave them in crisis. I understand that international financial institutions have tried to help. Maybe some countries can pitch in like what they did when a strong typhoon devastated a part of our country. Those friendly nations came up with their donations.
