Greece votes 'No' on referendum, and possibly the eurozone as well

With more than half of the votes counted, a majority of Greeks have voted “No” in Sunday’s referendum—a result that will likely have major consequences across Europe.

Despite overwhelming support for the “Yes” side from domestic and international media, 62 percent of Greeks voted against accepting the conditions proposed by the European Central Bank, the European Union, the International Monetary Fund, and other lenders; 38 percent of voters cast their ballots in favor of accepting those terms.

Young people played a major role in the results of Sunday’s referendum. According to The Guardian, Greek youth—for whom unemployment has reached a record high of almost 50 percent—voted against accepting the lenders’ terms two to one.

With this “No” vote, Greece—which is currently about $350 billion in debt—is declaring that it is fed up with austerity and fed up with being told what to do by more powerful and financially stable nations in the eurozone, like Germany. The Greeks elected PM Alexis Tsipras’s far-left Syriza government on a “we’re not going to take this any more” platform, and, with this vote, they have doubled down on that statement.

So, what’s next? EU officials have yet to comment on the referendum’s projected results, but Reuters reports that Greek officials will try to resume negotiations with their creditors as early as Sunday night.

In the meantime, Greek banks will remain closed until the ECB determines otherwise. They’ve been closed for a week now, and there’s no way they’re going to reopen tomorrow.

While Greece’s hardline anti-austerity stance could be a negotiating strategy, it’s looking like the Greek people really just want to say “No” to Europe—whatever the cost. Should they leave the eurozone, European unity will be officially shattered, to be replaced with exactly the kind of chauvinism and mistrust that the European project was designed to eradicate.

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