(Reuters Business Report) – There was no mistaking the mood in Athens in front of Parliament Sunday night.
Official figures show a whopping 61 percent of Greeks overwhelmingly rejected the terms of an international financial bailout… overturning opinion polls that had predicted an outcome too close to call.
The government says the results are a show of Greece’s self-determination… this, in the birthplace of western democracy.
For millions of Greeks, Sunday’s outcome was an an angry message to creditors… we’ll no longer accept repeated rounds of austerity measures that, in five years, have left one in four jobless.
MARGARITA, 65, GREEK CIVIL ENGINEER,
“How can we expect yes to win when we had 10,000 suicides, 3 million people living under the poverty line, and 1.5 million people on food hand outs?”
Greece is now in uncharted waters.
It’s unable to borrow money on capital markets and has one of the highest levels of public debt in the world.
Many of its partners had warned that rejecting the bailout would cut mean cutting bridges with Europe and risking financial ruin.
Perhaps worse still, Sunday’s show of defiance could splinter Europe.
The Euro zone is on the verge of possibly losing its first member, with the risk of further unraveling to come.