Greek vote campaign begins amid grinding cash crisis

The battle for Greek votes entered full swing on Thursday, ahead of a crucial weekend referendum that could decide whether the country falls out of the eurozone. For Greeks, particularly the elderly, the daily struggle to get cash ground on in the face of uncertainty. Greece’s rescue lenders have halted negotiations on a new financial aid program until after the vote on whether to accept reforms the creditors proposed last week in exchange for bailout loans. Greek Prime Minister Alexis Tsipras has staunchly advocated a “no,” saying it would put the country in a stronger negotiating position with creditors. But European officials and the Greek opposition have warned that such an outcome could be tantamount to a decision to leave the euro.

We are in something of an unknown. It’s up to the Greeks to respond.

French President Francois Hollande

The banks closed on Monday to prevent remaining funds from fleeing after Tsipras announced that he was calling the referendum. The question on Sunday’s ballot is whether they accept or reject a reform proposal made by creditors during negotiations last week. But that particular proposal is no longer on the table. It was amended later in the week and has now been rendered moot by the fact that Greece’s international bailout expired Tuesday. That same day, the country also became the first developed nation to miss a debt repayment to the International Monetary Fund. The country is now seeking a different deal with its European creditors. But European officials have said they cannot negotiate until after Sunday’s vote.

World Greece