Greece votes No

Stuff reports:

Greeks have voted overwhelmingly “No” in a historic bailout , partial results show, defying warnings from across that rejecting new austerity terms for fresh financial aid would set their country on a path out of the .

With nearly a fifth of the votes counted, official figures showed 60.4 per cent of Greeks on course to reject a bailout offer from creditors that was the official issue of the ballot.

The figures showed the Yes vote drew 40.1 per cent. An official projection of the final result is expected morning (NZT).

This is the right result. needs to effectively declare bankruptcy, default on its debts, and start again with new lesser value currency.

Officials from the Greek , which had argued that a “no” vote would strengthen its hand to secure a better deal from international creditors after months of wrangling, immediately said they would try to restart talks with European partners.

“The negotiations which will start must be concluded very soon, even within 48 hours,” Government spokesman Gabriel Sakellaridis told Greek television.” We will undertake every effort to seal it soon.”

Euclid Tsakalotos, the Government's chief negotiator said talks could restart as early as Sunday evening.

They're dreaming or lying. There is no path forward now with the creditors.

Just as Greece has every right to declare the terms on which more money was offered to them to be unacceptable, other countries have every right to stop lending them money. Borrowing money is a privilege, not a right, for countries.

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