Which way now? To the uncharted territories with a firm hope of a brighter path and greener pastures. The Greeks have spoken their will with thumbs and now we wait for what lies ahead. Chaos or a path to liberation; the world is anxiously waiting.
A historic step forward as people marched en masse to vote their will and the resounding chorus was No! No to austerity, No to a bailout, No to its terms, No to everything. A passionate appeal to be free from the pains and struggles of the current crisis. A victory or an emotional plea to be rid of all financial burdens. The Greeks have spoken and as Greek Prime Minister Alexis Tsipras said on Sunday night that Greeks had voted for a \”Europe of solidarity and democracy\” and \”As of tomorrow, Greece will go back to the negotiating table and our primary priority is to reinstate the financial stability of the country.\” Greece is on a new path, a path to liberation or to financial ruin.
Now back to work! How do we resolve the current crisis? Greece\’s latest bailout expired last week as she missed a €1.6bn (£1.1bn) payment to the IMF. The rhetoric by creditors is that renewed negotiations with Greece are difficult if not impossible to imagine if Greece doesn\’t agree to the terms of the current deal. And with Greece’s declining tax revenues and an impetuous banking crisis her economy is on its knees, making any deal even harder to reach. Her financial system is on the brink of a total collapse as Greek banks are cutting credit supply to the market and are running critically low on liquidity. This is raising huge concerns for the solvency of theses bank if emergency funding doesn’t come in and Big brother ECB is reluctant to help out. Greece is in a chokehold as desperation creeps in, banks have been shut and capital controls have been put in place with withdrawals at ATMs limited to €60 per day. The big question is what is the way forward.
To stay or not to stay. As key figures flee the sinking ship one might wonder what the way forward is. What are Greece’s options? The negotiation table perhaps, with a new deal with creditors to restructure the debt burden coupled with dire austerity measures of raising taxes, slashing welfare spending amongst others or a grexit or a divine intervention. The next few days and weeks will pose the greatest challenges for the ancient city and one would only hope a resolve is reached soon. The clock is ticking!
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