EU Back To The Drawing Board After Greece's 'No' Vote in Referendum

Greece is at the last chance saloon, thirsty and out of credit. Next stop could be the badlands of euro exit.
Without a deal on more bailout loans, the heavily indebted country faces looming financial hurdles in the coming days.
If it stumbles, it could leave the shared currency in a chaotic mess. A resounding "no" vote in a referendum Sunday on the tough conditions attached to more loans leaves Athens at odds with its main creditors — the other eurozone governments, led by Germany. Berenberg Bank economist Holger Schmieding, using the shorthand for Greek exit, said "Greece is in limbo and is sliding fast toward Grexit,"
Now, the politicians will try to re-start bailout talks. This will not be not easy, after Greek voters rejected the last formal offer from the creditors. Meanwhile, the creditors' resistance to softening terms remains high. There are concerns that rewarding Greek obstinacy will mean it--and other indebted countries that need financial assistance--will also resist spending cuts and economic reforms in the future.



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