[JURIST] Protesters in Greece gathered in the tens of thousands on Friday, holding rival rallies that drew attention to the split within the country as Sunday’s referendum approaches. The referendum, which regards whether or not to accept the bailout terms [Reuters report] of international creditors, may decide Greece’s future as part of the eurozone. Supporters of a “no” vote, who include Greece Prime Minister Alexis Tsipras, have accused [Reuters report] those who warn of a possible end to Greek’s use of the euro of bluffing for fear of the economic consequences for Europe and the global economy. Tsipras was elected in January on a promise to end years of austerity measures without leaving the eurozone. A “yes” vote, then, could impact his position as Prime Minister and give rise to political instability. Opinion polls on Friday showed the “yes” vote holding a slight lead, but all were considered too close to call. Greece defaulted [NYT report] earlier this week, with banks and financial markets closed within the country and a new 60 euro limit on daily cash withdrawals implemented.

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. 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. While the bill was not approved by Greece’s international creditors, Prime Minister Alexis Tsipras offered it his support as an action that would offer something to the people. In January Greek voters went to the polls [JURIST report] in an election that saw the leftist party promise to renegotiate terms of the bailout that were seen by many Greek citizens as too harsh.