Source: Reuters

On Sunday, July 5, 2015, the Greek people gave a clear ‘No’ to a proposed bailout deal by the Troika (the European Commission, International Monetary Fund and European Central Bank). Though the national referendum was specifically about the Troika’s proposed plan, both Greek and European leaders and the media transformed it into a vote on Greece’s participation in the Eurozone and ultimately the European Union. The Syriza[1]-led government vocally supported the ‘No’ vote, arguing that the position would provide Greece with the leverage to negotiate a better deal with the creditors. Traditionalist center and right-wing parties supported the ‘Yes’ vote, voicing concerns that a rejection of the Troika deal would lead Greece to default, a return to drachma (Greece’s pre-Euro national currency), an exit from the EU, and eventually international isolation.[2] Continue reading →