Will Greece be leaving the Eurozone?

CPT Private RallyPoint Member — Sun, 05 Jul 2015 16:05:40 -0400

Greece's voters voted down the referendum to accept terms of the IMF bailout and defaulted on a payment of 1.6 billion to the IMF. Previously the EU had made the payments to the IMF for Greece, this time the EU gave Greece an ultimatum that they needed to reform their retirement program. In Greece most people retire at the age of 50 and receive full retirement benefits. The members of the EU asked Greece to change this because they believed that it is unfair for EU members of other countries to continue who work until age 65 or 70 to pay for Greece's citizen's retirement. The proposal for the change to Greece's system was voted on in the referendum and turned down. The monetary value of the Euro has already fallen, will it continue to fall or is this a temporary reaction? Will Greece be the first country to leave the EU as a result? Will this promote instability in the region? What do you think?http://www.huffingtonpost.com/2015/07/05/greece-referendum-no_n_7718272.html?utm_hp_ref=world&ir=WorldPost

Greece Resoundingly Rejects Austerity In Referendum On Bailout Deal

Greeks on Sunday decisively rejected a bailout deal proposed by the country's international creditors, which demanded new austerity measures in return for emergency funds. The vote amounted to a sting

Response by CSM Michael J. Uhlig made Jul 5 at 2015 4:18 PM

CSM Michael J. Uhlig — Sun, 05 Jul 2015 16:18:06 -0400

I believe Ben Franklin said “When the people find they can vote themselves money, that will herald the end of the republic.”

Selfish vote by those in Greece.....brace for impact, we are all going to feel it financially in one form or another

Edited to add some an early reply from the German deputy chancellor Sigmar Gabriel:

http://news.yahoo.com/no-vote-torn-down-bridges-between-greece-europe-195239582.html

Tsipras has 'torn down bridges' between Greece, Europe: German deputy chancellor

Greek Prime Minister Alexis Tspiras has "torn down the bridges" between Greece and Europe, making new negotiations "difficult to imagine" after the apparent 'No' vote in the Greek referendum, German deputy chancellor Sigmar Gabriel said on Sunday. Tsipras and his government are taking Greece down a path of "bitter renunciation and hopelessness," Gabriel told the Tagesspiegel newspaper in the first high-level reaction from the German...

Response by COL Mikel J. Burroughs made Jul 5 at 2015 5:06 PM

COL Mikel J. Burroughs — Sun, 05 Jul 2015 17:06:35 -0400

CPT Private RallyPoint Member I don't think they will leave the EU, but it could promote instability in the region if they don't come up with some solutions to pay down their debt of $1.6 billion. I agree with CSM Michael J. Uhlig that voting down the referendum was selfish and not a smart move. They don't have very many other options. We'll have to see what the next fallout brings because of this decision. Oh, the EU may kick them out, because they can't manage their country. That would be unique.

Response by SSG Private RallyPoint Member made Jul 5 at 2015 5:20 PM

SSG Private RallyPoint Member — Sun, 05 Jul 2015 17:20:59 -0400

They may leave or stay a member of the EU or they may go back to there own money. It is hard to say what will happen all we know now is that something will happen and Greece will change one way or another.

Response by CH (MAJ) William Beaver made Jul 5 at 2015 7:19 PM

CH (MAJ) William Beaver — Sun, 05 Jul 2015 19:19:09 -0400

Greece leave?!?! Not if I can help it!

Response by LTC John Shaw made Jul 5 at 2015 10:50 PM

LTC John Shaw — Sun, 05 Jul 2015 22:50:53 -0400

CPT Private RallyPoint Member This vote is to cover Syriza capitulation to the ECB early by Wed. The Greek left has their chance to say they don't like it and don't want to do it, but they will because they still need Europe's Euro. ECB will play hard ball, no bank funds for a few more days and Syriza will sign whatever is put in front of them as long as the ECB will cover the Greek banking system.
The Euro will weaken against all major currencies and then bounce back after the Greek's fold, but hang between 1.06 - 1.10 range.
I thought they may get creative and either grab 10-20% of depositors funds, like Cyprus, or have a mass conversion to the Ruble with Putin's support, but I think this is just about nationalist pride.