Greece to go in for bailout referendum

Athens: Greek lawmakers debated a surprise bailout referendum on Saturday amid signs of customers queuing to withdraw money from banks as fears of a default intensified. Prime Minister Alexis Tsipras, who delivered his shock referendum call in a televised address early on Saturday, will address parliament later, with a vote on whether to go ahead with the plebiscite scheduled for midnight.

 

The bombshell shocked the nation, with people reportedly rushing to withdraw money in fear of capital controls and more financial chaos after nearly six years of crisis and deep recession. Tsipras’ radical leftist Syriza party urged Greeks to vote against the deal, arguing it would worsen austerity in a nation already buckling under economic hardship.

 

Greece will now hold a referendum on July 5 on the outcome of negotiations with its international creditors taking place in Brussels on Saturday. In Greece’s second city, Thessaloniki, some banks have run out of money, according to a report, while a National bank branch had a queue of 50 people.