Greece Votes “No”

The results are in and the people of Greece voted strongly against the bailout. I honestly don’t know what comes next. I suppose it’s possible for Greece to stay in the eurozone, but that seems unlikely. The choice Greece faces is between two very bad outcomes. The country will now be a pariah in the international debt market. Greece’s colorful Finance Minister, Yanis Varoufakis, has resigned.

There’s a big eurozone meeting on Tuesday to discuss what comes next. All banks in Greece are closed today. Tsipras believes he now has greater negotiating power. On the other hand, Greece’s creditors believe they have more reasons to cut their losses and move on.

S&P 500 futures are currently down about 0.88%.

Posted by on July 6th, 2015 at 8:10 am


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