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Land of Gyro says Oh No to Euro

The result is in and the Greek people voted 61% No or ‘Oxi’. If you think understanding the result is difficult, look at the question:

Should the agreement plan submitted by the European Commission, the European Central Bank and the International Monetary Fund to the Eurogroup of 25 June 2015, and comprised of two parts which make up their joint proposal, be accepted?

The term “Oxi” has historical reference in Greece where they actually have “Oxi day” on October 28th. It commemorates the formal response Greek Prime minister Metaxis gave to Mussolini who demanded military access back in 1941.  So “Oxi” itself has nationalistic implications.

Either way, whatver the Greek people had voted it was going to be a Hobson’s choice in this referendum: a slow financial death by strangulation or slow financial death by drowning.

The news outlets has been covering this for a number of years but bottom line is Greece is unable to pay off it’s prior loans nor function as a country without access to more loans. A real life Greek tragedy, Greece (with the help of the Goldman Sachs) fiddled the books to join the Euro but after a nice boom with access to low interest rates, it found it could not keep up with the other commitments that joining the Euro entailed. Hosting a mega party of it’s own,  the 2004 Olympics, certainly didn’t help which cost €9B Euro which did not include infrastructure upgrades.

What do you mean we have to pay it back?

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