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Greece Votes No to Austerity

July 6th, 2015

Episode 299 of 674 episodes

Following a resounding No vote from Greek voters on whether to support Europe's austerity programme, we hear the latest from Athens where voters are sounding proud and defiant, but also a little fearful about what the future holds. We get reaction to the resignation of the controversial Greek Finance Minister, Yanis Varoufakis, who says his role in future negotiations with the country's European partners may prove an obstacle. The BBC's Theo Leggett works through the options facing the European Central Bank today as it prepares to make some tough decisions about whether to continue emergency assistance to the Greek banking system. Reports from Athens suggest that, even under the current lending terms, Greek banks may have no more than a couple of days before they run out of money altogether. German MP Klaus-Peter Willsch, from the governing Christian Democratic Union tells us he's in no doubt: the Greek No vote means a Greek exit from the eurozone. He also argues the euro will be stronger without Greece as a part of the currency union. And Guntram Wolff, head of the European think tank, the Bruegel Institute, agrees that it's hard to see what space there is for compromise given the loss of trust and tough positions already taken on both sides. (Photo: No voters celebrating the referendum result; Credit: Christopher Furlong/Getty Images)

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