For Greece's government, the July 5 referendum that rejected the EU's bailout package was one step in a long negotiation process. Its ultimate objective is to get Greece's creditors to agree a bailout package that provides partial relief from debt repayments, together with a substantial debt write-down.
For the creditors, on the other hand, it was a straightforward in/out referendum to determine Greece's continued membership in the eurozone and even perhaps the EU. If Greece had voted "Yes," these creditors were effectively demanding a change of government.
Now those creditors have to be content with the resignation of finance minister Yanis Varoufakis.… Seguir leyendo »