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European officials tell Greeks they won't abandon them after referendum Global markets braced as polling closes in Greece referendum
(about 3 hours later)
As Greeks voted in a referendum crucial to the future of the eurozone, a growing list of German and other European politicians sought to reassure them that – whatever the outcome – they would not be left to their fate. Polling stations across Greece have closed after a momentous referendum for the euro and a crucial one for global financial markets.
The president of the European parliament, Martin Schulz, held out the prospect of more emergency loans from the EU to Greece to pay civil servants and keep public services like transport, energy and the healthcare system running. Around the world, bankers and investors were preparing to meet to discuss the implications of the outcome, which was expected to be close. First results are expected around 9pm (7pm UK time).
In an interview with the conservative paper Die Welt am Sonntag, Schulz defended the EU’s hardline approach, expressed his hope that Greece would vote yes to its creditors’ final proposals, but pledged: “We won’t abandon the Greek people to their fate.” Opinion polls have given contradictory results and none has shown a clear majority for either option. But they have all shown an overwhelming majority of Greeks – around three-quarters – want their country to keep the euro.
Benoît Cœuré, a member of the executive board of the European Central Bank (ECB), also hinted at support. “In the current circumstances of great uncertainty in Europe and the world, our will to act in this matter should not be doubted,” he said on Sunday. Athens News Agency reported that on a glorious summer’s day the electorate was voting at around the same rate as in January’s general election, when the turnout was 64%. After a hurried but entirely peaceful seven-day campaign, there were no reports of any serious incidents despite widespread anxiety among voters and growing fears that the ballot would reopen latent divisions in their society.
Their comments followed the publication on Saturday of an interview with Germany’s hardline finance minister, Wolfgang Schäuble, who unexpectedly endorsed the position taken by Greece’s prime minister, Alexis Tspiras, the leading champion of a no vote. Schäuble said the choice before Greek voters was between holding on to the euro and just being “temporarily without it”. Related: The streets are calm but Greece is haunted by fear of civil strife
Most Greek opposition politicians – and, until recently, Greece’s lenders – have argued that a rejection of the terms would lead inexorably to exit from the euro and, very possibly, the EU. The perceived danger of a no vote was largely responsible for heavy falls last week on European and other stock markets as investors acted to limit the risk that Greece could infect other weak peripheral eurozone economies. In London, a team of foreign exchange experts was due to begin work at Barclays. The bank’s research, sales and trading staff had been monitoring the Greek referendum all weekend. Germany’s Deutsche Bank was planning a telephone conference for its top bankers at 10pm (8pm UK time) to advise on the results of the referendum.
But casting his ballot in the central Athens district of Kypseli on Sunday, Tsipras called the referendum a “day of celebration” for the crisis-hit country. Addressing a crush of reporters, amid loud cries of “no” from supporters, the radical leftist declared: “Democracy has defeated fear.” The European Central Bank, which last weekend capped the emergency lending it provides to Greece’s banks, was due to meet on Monday. The ECB’s move triggered the imposition of a €60 restriction on daily withdrawals and there was concern that, with €20 notes running out, the limit might have to be reduced to €50.
The conservative opposition leader, Antonis Samaras, cast his ballot, saying “we vote yes to Greece. We vote yes to Europe”. A growing list of German and other European politicians sought at the weekend to reassure Greeks that, whatever the outcome, they would not be abandoned to their fate.
The nationwide ballot was taking place at the end of a week in which Greece closed its banks, rationed cash, failed to repay the IMF and lost billions of euros when its bailout programme expired. The vote is on the last terms offered to Greece before Tsipras abandoned talks with his country’s lenders last weekend, saying their conditions would only exacerbate the plight of a country whose economy has already shrunk by a quarter. The president of the European parliament, Martin Schulz, held out the prospect of more emergency loans from the EU to Greece to pay civil servants and keep public services such as transport, energy and the healthcare system running. In an interview with the conservative paper Die Welt am Sonntag, Schulz defended the EU’s hardline approach, expressing his hope that Greece would vote yes to its creditors’ final proposals, but pledged: “We won’t abandon the Greek people to their fate.”
Benoît Cœuré, a member of the executive board of the ECB, also hinted at support. “In the current circumstances of great uncertainty in Europe and the world,” he said in a speech on Sunday. “Our will to act in this matter should not be doubted.”
Their comments followed the publication on Saturday of an interview with Germany’s hardline finance minister, Wolfgang Schäuble, who unexpectedly endorsed the position taken by Greece’s prime minister, Alexis Tspiras, the leading champion of a no vote. Schauble said the choice before Greek voters was between holding on to the euro and just being “temporarily without it”.
Most Greek opposition politicians – and, until recently, Greece’s lenders – have argued that a rejection of the terms would lead inexorably to exit from the euro and, very possibly, the European Union. The perceived danger of a no vote was largely responsible for heavy falls last week on European and other stock markets as investors acted to limit the risk that Greece could infect other, weak peripheral eurozone economies.
It was unclear why Schäuble had shifted his position, as it has become increasingly evident that the German government is exasperated with Tsipras’s approach. According to Der Spiegel, the chancellor, Angela Merkel, told the inner circle of her CDU party last weekend that his politics were “hard and ideological” and that he was “driving his country to the wall, with open eyes”. She was flabbergasted that he could “play roulette with an entire country”.
Casting his ballot in the central Athens district of Kypseli, Tsipras showed no sign of concern, describing the referendum as a “day of celebration” for his country. Addressing a crush of reporters, amid loud cries of “no” from supporters, the radical leftist declared: “Democracy has defeated fear.”
The conservative opposition leader, Antonis Samaras, cast his ballot, saying: “We vote yes to Greece. We vote yes to Europe.”
The nationwide ballot was taking place at the end of a week when Greece closed its banks, rationed cash, failed to repay the IMF and lost billions of euros when its bailout programme expired. The vote is on the last terms offered to Greece before Tsipras abandoned talks with his country’s lenders last weekend, saying their conditions would only exacerbate the plight of a country whose economy has already shrunk by a quarter.
Greece’s president, Prokopis Pavlopoulos, emphasised the need for national unity. The referendum, only the second to take place in more than 40 years, comes amid escalating signs of social division and fears of civil strife.Greece’s president, Prokopis Pavlopoulos, emphasised the need for national unity. The referendum, only the second to take place in more than 40 years, comes amid escalating signs of social division and fears of civil strife.
“Irrespective of the result, we have to traverse what will be a difficult tomorrow with unity,” Pavlopoulos told reporters. “That is what our forefathers did. That is what we are going to do. We will go forward, all together.”“Irrespective of the result, we have to traverse what will be a difficult tomorrow with unity,” Pavlopoulos told reporters. “That is what our forefathers did. That is what we are going to do. We will go forward, all together.”
Almost 9.9 million Greeks have the right to vote in the referendum. Some 108,371 Greeks who have just turned 18 will vote for the first time, according to authorities. Almost 9.9 million Greeks could vote in the referendum. Some 108,371 who just turned 18 will have voted for the first time, according to authorities.
“A lot will depend on the participation of young voters today,” political commentator Aristides Hatzis told the Guardian. “Polls show that a huge majority, about 80%, of Greek youth would voteno. How well the no vote does will be based on this turnout.” “A lot will depend on the participation of young voters today,” political commentator Aristides Hatzis said. “Polls show that a huge majority, about 80%, of Greek youth would voteno. How well the no vote does will be based on this turnout.”
The young of crisis-torn Greece have been hit like no other sector of society. Joblessness levels in the under-25 age group currently exceed 55%. The young people of crisis-torn Greece have been hit like no other sector of society. Joblessness levels in the under-25 age group currently exceed 55%.
Kosmas Papadopoulos, who turned 18 in March, said: “I will be voting no because we have to say no to the rotten system. I have never known anything else. There must be something better out there.”Kosmas Papadopoulos, who turned 18 in March, said: “I will be voting no because we have to say no to the rotten system. I have never known anything else. There must be something better out there.”
Among many imponderables was the impact of votes cast by Greeks living abroad. Under the same rules that govern elections, expatriates must return to the country if they are to cast valid ballots. There was evidence that large numbers of Greeks living abroad were doing so and that most leant towards voting yes.Among many imponderables was the impact of votes cast by Greeks living abroad. Under the same rules that govern elections, expatriates must return to the country if they are to cast valid ballots. There was evidence that large numbers of Greeks living abroad were doing so and that most leant towards voting yes.
The prime minister’s decision to call the vote prompted outrage among opposition politicians who favour a yes vote. They have argued that the offer on which the referendum is based was withdrawn when the bailout programme ran out and that Syriza has rigged the ballot by putting both options on one ballot sheet with the no option first. But a claim that the vote was unconstitutional was thrown out by Greece’s highest court on Friday.The prime minister’s decision to call the vote prompted outrage among opposition politicians who favour a yes vote. They have argued that the offer on which the referendum is based was withdrawn when the bailout programme ran out and that Syriza has rigged the ballot by putting both options on one ballot sheet with the no option first. But a claim that the vote was unconstitutional was thrown out by Greece’s highest court on Friday.
Polling stations will be open from 7am local time until 7pm. The first results are expected around two hours later. Polling stations were due to be open from 7am local time until 7pm (5pm UK time) with the first results expected around two hours later.
Opinion polls have given contradictory results and none has shown a clear majority for either option. But they have all shown that an overwhelming majority of Greeks – around three-quarters – want their country to keep the euro. A no vote is supported by both the parties in government and the neo-nazi Golden Dawn party. The centre-right opposition New Democracy party has campaigned for a yes vote, as have Pasok and To Potami, both of the centre left.
A no vote is supported by both the parties in government and the neo-Nazi Golden Dawn party. The centre-right opposition New Democracy party has campaigned for a yes vote, as have Pasok and To Potami, both of the centre-left.