Greece Votes!

Greek polls have closed and the indication from exit polling data is that Greece will thumb its nose at the European Union.

With just 20% of the vote officially tallied, the no’s are leading the yes’s 60% to 40%.

A ‘No’ vote (OXI) means that Greeks refuse the spending cuts and financial restructuring measures required by the nation’s creditors in order to secure more loans. That no also indicates a show of support for the Tsipras government who has been pushing for a ‘no’ result. European leaders have said that a ‘no’ vote could result in Greece exiting the Euro (Grexit.)

A ‘Yes’ vote (NAI) means that Greek’s accept the austerity measures of their financiers. All sorts of government programs will be required to cut spending and taxes will increase substantially. It would have indicated a vote of “no confidence” in Tsipras and likely led to new elections. But, Greece would secure more funding and a secure, for now, place in the European experiment.