On July 5, 2015, Greece voted ‘no’ against Europe’s latest bailout offer. This raises the question that the world is now asking: what’s next for this nation?
Unfortunately, because Greece has decided to vote ‘no,’ the nation now faces a worse economic disaster and could potentially lose its place in the Eurozone. This came as a shock to the world considering the economic distress that has taken a toll on Greek citizens.
The Interior Ministry of Greece reported that 61 percent of the voters had said no to a deal that was put on the table by the European Union. Prime Minister Alexis Tsipras, who came into office in January, urged citizens to vote no in order for him to gain more bargaining power.
Now that the Prime Minister's wish has come true, Greece faces the possibility of European creditors walking away from the offer. This could lead to Greece facing default, financial collapse, and removal from the Eurozone. The worse part is, Greece could end up being removed from the European Union all together.
This past week, the European Central Bank limited financial assistance to Greek banks. This forced many banks to close until the referendum, causing Greek citizens to only be able to withdraw 60 euros, or about $67 a day from ATMs. Many Greeks saw this referendum as a way for Greece to stand up for themselves against the European Union.
Since the talk has been broken off, European officials have no interest in negotiating further or extending a deadline for the last bailout. Greece’s Finance Minister, Yanis Varoufakis, has called the Eurozone’s strategy “terrorism," making it hard to believe negotiations will continue.
The idea of Greece potentially leaving Europe is alarming foreign policy officials from Brussels to Washington. Greece is a member of NATO and is the gateway to Europe for many migrants fleeing wars from the neighboring Middle East and Africa.
As for now, only time will tell whether or not the European Union is willing to continue assisting Greece. It seems that Greece has burned it's bridge to Europe. Greece might officially be on its own.