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Eurozone finance ministers have refused to extend the bailout. Questioned on whether the referendum would be a euro-drachma dilemma, Greece's finance minister, Yanis Varoufakis, said that European Treaties make provisions for an exit from the EU but do not make any provisions for an exit from the Eurozone.
Despite the claims by analysts abroad and in Greece [34] that the referendum might open the way for Greece's withdrawal from the Eurozone, and despite polls showing that Greek citizens would prefer keeping the common currency "at all costs," [35] [36] the referendum, conducted on 5 July 2015, returned a result of 61.3% for "No" and 38.7% for "Yes."
Faced by the threat of a sovereign default and potential resulting exit of the eurozone, some final attempts were made by the Greek government in May 2015 to settle an agreement with the Troika about some adjusted terms for Greece to comply with in order to activate the transfer of the frozen bailout funds in its second programme.
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Grexit is Greece's potential exit from the eurozone, while Brexit is the United Kingdom's potential exit from the European Union.
In the wake of Greece's debt crisis, the economic union of the European countries that share the euro as their common currency has been tested as never before. Some have suggested that the debacle ...
This caused stock indexes worldwide to tumble, fearing Greece's potential exit from the Eurozone ("Grexit"). Following the vote, Greece's finance minister Yanis Varoufakis stepped down on 6 July, because of the Prime Minister's denial to follow the public vote and was replaced by Euclid Tsakalotos. [163]
Further, the European Commission signaled that the referendum question, to which they would recommend a "Yes", from its viewpoint should be understood as whether or not Greece wanted to remain part of Europe and the Eurozone, which at the present state included acceptance of receiving conditional bailout help on a set of mutually negotiated and ...