With 61% votes, Greece defies Europe: Says an overwhelming 'No' to more austerity

[caption id=“attachment_2328284” align=“alignleft” width=“940”]  Supporters of the ‘No’ vote celebrate after the results of the referendum at Syntagma square in Athens on Sunday. Greeks overwhelmingly rejected creditors’ demands for more austerity in return for rescue loans in a critical referendum Sunday, backing Prime Minister Alexis Tsipras, who insisted the vote would give him a stronger hand to reach a better deal. AP[/caption] [caption id=“attachment_2328286” align=“alignleft” width=“940”]  It was a decisive victory for Prime Minister Alexis Tsipras, who had gambled the future of his 5-month-old coalition government — and his country — in an all-or-nothing game of brinkmanship with Greece’s creditors from other European countries that use the euro currency, the International Monetary Fund and the European Central Bank. Reuters[/caption] [caption id=“attachment_2328288” align=“alignleft” width=“940”]  Greece lurched into uncharted territory and an uncertain future in Europe’s common currency after results showed about 61 percent voted “no,” compared with 39 percent for “yes,” with 100 percent of the vote counted. AP[/caption] [caption id=“attachment_2328290” align=“alignleft” width=“940”]  The referendum — Greece’s first in more than four decades — came amid severe restrictions on financial transactions in the country, imposed last week to stem a bank run that accelerated after the vote was called. REUTERS[/caption] [caption id=“attachment_2328292” align=“alignleft” width=“940”]  Tsipras called the referendum last weekend, saying a “no” vote would strengthen his hand to negotiate a better deal for his country. His government has said it believes it would be possible to conclude a deal with creditors within 48 hours. REUTERS[/caption] [caption id=“attachment_2328294” align=“alignleft” width=“940”]  Thousands of jubilant government supporters celebrated in Syntagma Square in front of Parliament, waving Greek flags and chanting “No, no, no!” REUTERS[/caption] [caption id=“attachment_2328296” align=“alignleft” width=“940”]  Sunday’s vote was held after a week of capital controls imposed to halt a bank run, with Greeks restricted to a daily cash withdrawal maximum of 60 euros ($67). AP[/caption] [caption id=“attachment_2328298” align=“alignleft” width=“940”]  Some analysts say Greece is so starved of cash that it could be forced to start issuing its own currency. No country has ever left the 19-member eurozone, established in 1999. REUTERS[/caption]