[JURIST] After approximately two thirds of the votes have been counted in Sunday’s Greek vote on the proposed bailout deal, results appear to show that the country has voted against the deal [Reuters report]. Results posted by the Greek Ministry of Interior [official website] show that about 61 percent [WSJ report] of the ballots counted voted “No,” and about 39 percent voted “Yes.” The Syriza party [official website in Greek] campaigned that the people vote “No”, stating that the terms of the bailout were humiliating. Those campaigning for a “Yes” vote have stated that a “No” vote could possibly see Greece being ejected from the eurozone. The “No” could also leave the door open for creditors to simply walk away from Greece, leaving the country open to default and financial collapse. In a worst case scenario, the country could even be ejected from the European Union [official website].

The debt crisis [BBC timeline] in Greece began in 2009 with a down-grade of a credit rating, and in the following years, has led Greece to borrow hundreds of billions of euros. Earlier this week, as the country was preparing for the vote, protesters in Greece gathered [JURIST report] in the tens of thousands, holding rival rallies that drew attention to the split within the country as the referendum approached. In April nineteen eurozone creditors held a meeting [JURIST report] in Latvia to demand the completion of the economic reform program agreed to be Greece necessary to avoid a Grecian default or exit from the euro. Earlier that month the European Central Bank (ECB) expressed concerns [JURIST report] about Greece’s draft law that prohibits the government from foreclosing on primary residences where borrowers can prove total wealth requirements as ripe for unscrupulous debtors to engage in strategic defaults without repercussions. In March Greece’s parliament passed an anti-poverty bill [JURIST report] that would provide free electricity and food-stamps to low-income households.