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Greece shoots down European Union bailout

Greece on Sunday rejected stringent lending terms from international creditors. The results are potentially jeopardizing the European economic unity. Greece is now headed on a collision course with the area’s key political leaders and forces 11 million Greeks on an uncertain financial course. Greece’s Interior Ministry projected that 61% of voters rejected the terms. Thousands of Greeks celebrated in the streets of Athens after the vote on Sunday. Greece requires cash to reopen its banks that have been closed for months, and for pensions and wages. European leaders said a “no” vote would destroy the basis for talks, because it would show that Greece was unwilling to take the steps needed to put its finances in order and get its economy growing.

German Chancellor Merkel and French President Hollande are scheduled to meet Monday evening in Paris to discuss the effects of the referendum. European Central Bank President Mario Draghi will also speak before all 19 countries that use the euro hold a summit. “This result is very regrettable for the future of Greece,” said Jeroen Dijsselbloem, who as president of the Eurogroup of finance ministers has been at the heart of efforts to resolve the crisis.

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