SUNDAY 7/5/15; Greece Referendum Vote is a Surprise and Strong “No” to Austerity; Greece in Turmoil

The future of Greece for perhaps decades ahead will be decided today. The referendum vote begins in Greece at 7 AM Athens time (6 AM in Brussels; 5 AM London; 12 AM EST midnight Saturday night in the States). The referendum ballot is confusing but generally, a “yes” vote is to stay in the euro and accept the bailout terms of the European creditors (austerity). A “no” vote is to likely leave the euro (Grexit) and bring back the drachma although PM Tsipras insists the “no” vote only means that his path ahead in the bailout negotiations should continue. Tsipras and FM Varoufakis both said they would resign if the “yes” vote wins.

The latest polls show a 















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Fasten all seat belts. The week is off to a wild start. The “no” vote outcome on the Greece referendum was not expected so markets will begin the week ugly. Asian traders are up early and already on trading floors and at computer terminals. The Greece “no” vote is the most surprising event in the markets in many months and even years. Greece and Europe is in turmoil.