Athens, Greece - As the Mediterranean country became the first advanced economy to default on the IMF, one question is dominating the conversation: "Yes or no?"
A 'Yes' vote in the July 5 referendum
means Greece would likely receive more bailouts and remain in the
eurozone, but also undergo harsher austerity measures that have so far
crippled the economy.
A 'No' vote would likely boost the
government's negotiation power with European officials, while some
economists say it would likely lead to a full-fledged default,
bankruptcy, further economic contraction and a possible exit from the
eurozone, but also a revival of national pride as Greeks snub the
financial interests behind the European Union, European Central Bank and
International Monetary Fund.
While Greece's banks remained closed, with elderly
residents without bank cards being allowed to withdraw only $134 from
their accounts and others continuing to line up at cash machines to take
out the maximum amount allowed each day of almost $68, Greeks are
staging demonstrations in support of both sides of the question.
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