This you should know about the Greek ‘no’ in the referendum – nrc.nl

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The Greek people Sunday evening in a large majority “no” vote in the referendum. Read all about what that means and what turbulent scenario is put into operation this

The official figures of the moment, after more than 95 percent of the votes counted:.

• 61 percent voting “no.”
• 39 percent voting yes.

Also check back our live blog about developments Sunday.

Where did the Greeks ‘no’ to say?

The Greeks were allowed to vote on an agreement with the international lenders (IMF, ECB and Eurogroup) in exchange for extra emergency loan. Who demanded reforms after Greece was able to repay its debts. The most important reforms of the so-called “troika” are: increase in VAT and other taxes, raising the retirement age to 67, less officers, more tackling tax evasion and privatization of banks, regional airports, ports and the Greek rail company

The referendum was based on an agreement that June 25 was on the table. After that further negotiations, but the steps are put back then, so are not presented to the Greeks.

What are the reactions?

Since the beginning of the evening being Polls and the first counts on a victory for the ‘no’ camp. Yet logically took a while before the Greek Prime Minister Tsipras showed his joy brands:

The Greek Finance Minister Yanis Varoufakis notice any trace of euphoria, however, clear language:

“The Greek position in the euro area is not negotiable.”

In Europe reacted with opposite emotions. Eurogroup Chairman Dijsselbloem said he regretted the outcome of the referendum. Commission President Juncker and President of the European Council Tusk said in a statement able to respect the outcome and made no further statements. A lot stronger in its wording was the German Minister for Europe Michael Roth:

In the Netherlands, there were responses from several political parties on the news from Athens. The Labour Party said, through MP Henk Nijboer that the best option is that Greece remains in the euro. PVV leader Geert Wilders spoke of “the beginning of the dismantling of the eurozone”.

The French President Hollande was the mildest of all. He called sun daytime for a compromise with Greece, whatever the outcome of the referendum. Hollande and Tsipras spoke to each other on Sunday night was the phone even before the final results are known.

What happens now?

Because now very much is still uncertain, we keep it in what’s on the agenda for the EU on Greece:

– In the morning there will be telephone consultation between Juncker, Tusk, Draghi and Dijsselbloem on the outcome of the Greek referendum
-. The ECB will conduct morning to inquire about whether the aid package for Greece should be increased
-. In the afternoon, Merkel and Hollande have discussions together in Paris to discuss the outcome and the joint approach of the Greek problems. They will also discuss a possible new aid package last week where Tsipras asked. The two leaders discussed all a thing tonight by phone, but put that call on Monday continued in the afternoon and during dinner

-. At the request of Tusk get the government of the euro afternoon meeting to to discuss the situation. The summit will begin at 18:00 local time in Brussels.

Can be put Greece out of the euro?

It’s not that Greece is now at a ‘no “straight out of the euro. That says NRC Brussels correspondent Stéphane Alonso.

“Initially there will be further discussed. The Greeks will certainly not be directly thud from the euro, but the trust is gone, so it must first be restored. “

The EU Greece will not let go, so go they talk again. But that does not mean it is any easier for the Greek Prime Tsipras, Alonso writes in nrc.next:

“The initial response to the rash awkward. “Tsipras, the referendum won at home, but in the rest of Europe lost its credibility,” said Guy Verhofstadt, leader of the European Liberals. “He must understand that” m oney for nothing ‘exists only in songs. “According to Sigmar Gabriel, Merkel’s vice chancellor, has Tsipras’ the last bridges” for a compromise “wrecked”. “

It seems that the EU and Greece have ended in a stalemate: Tsipras has shown that he can play poker better than his European counterparts and will therefore not hesitate to use a Grexit as a threat during negotiations. At the same time the situation in Greece did not improve as time passes. That has everything to do with the money reserves of the Greek banks, which are increasingly dependent for that of the ECB.

What is the role of the ECB?

The influence of the European Central Bank (ECB) is huge, according economics editor Mark Beunderman.

“It is the ECB, which determines how large the total amount that the Greek central bank (the” member “of the ECB) may pay to commercial banks. This is the emergency liquidity assistance (ELA) – a drip whose shaky Greek banks are totally dependent. Now that the ceiling for ELA 89 billion. But because the Greeks by the unrest in recent weeks have brought billions of the bank, which is too little. The financial system threatens to implode. “

So far, the ECB has the emergency aid still maintained, especially since most members felt that a potential Grexit decision on politics, not on them. As long as Greece negotiated with its creditors, there was likelihood of an agreement with the Greeks. After the Greek ‘no’ reasoning has become more difficult.

The ECB is very into her stomach with emergency support because it virtually bankrupt Greece does not fulfill the conditions for receiving aid. But without emergency support to banks fall. And then comes chaos, and possibly a Grexit.

What is the role of Merkel and Hollande?

The key now lies with Government Merkel and Hollande, who meet tomorrow in Paris. France and Germany are fundamentally disagree on how it should act in a Greek “no” in the referendum. The Germans refuse to cooperate, while Hollande wants a deal as soon as possible with the Greeks. As the only EU leader last week, he pleaded for the continuation of the talks, while Merkel’s referendum said they wanted to wait and see.

Our economics editor Mark Beunderman about the relations between the two European powers

According to NRC-correspondent Stéphane Alonso, French President Hollande then Angela is drawn in recent days milder Merkel.

“Hollande could play an important role in restoring confidence between Greece and other eurozone countries.”

But to do that without Hollande Germany to alienate themselves. Tellingly, Merkel and Hollande meet Monday in Paris to discuss the Greek crisis

Also read our other articles on the Greek ‘no’ .

With the cooperation of Marloes de Koning, Tom Vennink, Stéphane Alonso and Mark Beunderman

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