• Before agreeing to EU demands Greece put their financial strategy to a vote. • The electorate voted “no” in a referendum where the question asked is should the government reduce benefits in order to become fiscally responsible. • However, the Greek government cannot sustain the benefits being paid – and needs a bailout to be solvent. • The EU member nations have said no to any further bailout without spending cuts.

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ATHENS, Greece (AP) — Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors’ demands for more austerity in exchange for rescue loans.

Prime Minister Alexis Tsipras, who was gambling the future of his 5-month-old left-wing government on the vote, insisted that a “no” vote would strengthen his hand to negotiate a better deal with creditors, while a “yes” result would mean capitulating to their harsh demands.

The opposition has accused Tsipras of jeopardizing the country’s membership in the 19-nation club that uses the euro and said a “yes” vote was about keeping the common currency.

With about a quarter of the votes counted Sunday evening, the Interior Ministry issued an official projection that the “no” side would win handily. (read more)

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