Greece: Athens readies for decisive and historic referendum

Athenians prepared for a historic plebiscite on whether to accept the bailout conditions of the Troika - the IMF, ECB and EU - Saturday, one day before the country goes to the polls. Polling stations were set up, security officials readied for potential unrest and campaigners made their final cases in the print of the country's newspapers and on the streets, which bristled with debate. Polls indicate a very close contest. The Greek government closed the country's banks on Monday, as well as imposing limits on cash withdrawals until July 6. A 'No' vote by the Greek people would reject new austerity measures that are demanded by Greece's creditors, while a 'Yes' would accept the institutions' conditions for a new Greek bailout package. Banks have €1 billion ($1.1bn) left before liquidity runs out, enough for each Greek resident to withdraw €90 ($100). Emergency funds are therefore required from the ECB on Monday, irrespective of the result of the plebiscite. Shortages in basic provisions have been reported nationally. The estimated cost of the referendum, capital controls and bank closures on the Greek economy is €1.2 billion ($1.3bn), a number that will have to be added to Greek debt in some form.